Facebook Set to Adopt Globalcoin Cryptocurrency in 2020 and Telegram, Gram Token in Q3 2019

May 24, 2019 12:51 PM UTC

The mainstream adoption of blockchain is just miles away, the revolution is here! From e-commerce to logistics and the rest of them, blockchain has become a household name amongst these organizations. Recently talks about adopting blockchain have been heard among social media giants, Facebook and Telegram.

According to media reports, Facebook is set to launch it’s first ever digital payment system, by Q1 of 2020 in a “dozen of countries”, with Telegram Open Network (TOP), a blockchain ecosystem powered by Telegram to be also launched in Q3 of this year (2019).

Facebook, in a report by BBC on Friday, May 24 is making plans to start testing it’s token Globalcoin at the closure of the year as the company had been in talks with Bank of England governor, Mark Carney, and officials at the U.S Treasury. This move by Facebook is in line with its new digital payment project, internally named Libra.

In addition to the reports, Facebook is also in talks money transfer firms which include Visa, Western Union and MasterCard regarding the launch of its token, speculated to be a stablecoin which will be Fiat-backed. The token is also predicted to compete with other traditional payment systems, e.g. PayPal.

To ensure liquidity and tradeability of its coin, Facebook have reportedly spoken to the Chicago’s biggest high-frequency trading firms, Jump and DRW– reported on Friday, May 24 by Financial Times. And crypto exchanges like Coinbase and Gemini which will provide users with crypto exchange options to store and exchange their assets.

A statement made by Spencer Borgat, a partner at venture capital company Blockchain Capital explains the benefits of the move by Facebook to launch it’s token, stating that it will draw people closer to adopting digital currencies due to the fact that Facebook has billions of users thus, playing the role of a “dramatic catalyst” in mainstream adoption of cryptocurrencies.

Telegram on the other hand, in a report has confirmed that its blockchain ecosystem and algorithm meets the goals contained in TON’s whitepaper, with hopes to debut it’s blockchain ecosystem (TON) and token referred to as Gram in East Asia. With the token estimated to worth $25.9 billion at the end of the year, based on the sales it has garnered which amounts to $1.7 billion from a pool of over 100 investors, Hash Crypto Investment Bank disclosed in a report.

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