Telegram Set to Release ‘Test Version’ of Blockchain Platform TON ‘This Autumn’ According to Investors

  • Report in Russian media platform Vedemosti states that Telegram will release TON platform this autumn.
  • Circular reportedly sent round to investors states that the product is “70 percent” completed

According to a report by Russian media outlet Vedomosti, encrypted instant messaging service Telegram is set release a test version of its blockchain-based TON platform this autumn. Investors have confirmed to Russia media confirmed that a circular containing this information that was sent to participants in TON’s Initial Coin Offering in September was indeed authentic.

The Long Road to TON Launch

According to Russian media, the circular stated that the platform’s blockchain component is under development at the moment, with “70 percent” of the product already finished.TON will use its in-house cryptocurrency, Gram, and will create a “new way of exchanging data” as soon as it starts operating

Telegram was able to raise nearly $1.8 billion earlier this year in investments for TON and its messenger app via two private ICO presale. The planned ICO was abruptly cancelled however in May, on the back of increased regulatory spotlighting on ICOs by the SEC - which might have potentially found Telegram in violation of its ‘Reg D’ reporting requirements for security sales.

Russian media had at the time decided the authorities tried to restrict the country's residents' access to Telegram because of the ICO and plans to launch Gram, contrary to the official reasons they gave, which says the service flouted data sharing laws.

Telegram CEO Pavel Durov has so far not provided any comment on a TON release timeframe.

CryptoGlobe will update the story as the it develops.

 

PayPal Reveals Cryptocurrency Development in Letter to European Commission

Michael LaVere
  • Payments giant Paypal has revealed it is working on developing cryptocurrency capabilities.
  • The company's letter to the European Commission supports crypto industry regulation and the creation of transparency. 

Payments giant PayPal has revealed its intention to develop cryptocurrency-related “capabilities” following the announcement of Facebook’s Libra in June 2019. 

In a letter to the European Commission in March, PayPal said it was “assessing” the need for a European framework for cryptoassets that would support the integration of payments and financial services.  

PayPal said the crypto-asset industry had experienced substantial growth over the past few years and generated discussion about the impact of decentralization on central bank digital currencies.

The letter reads:

As such, PayPal is continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space. Of particular interest for us is how these technologies and crypto-assets can be utilized to achieve greater financial inclusion and help reduce/eliminate some of the pain points that exist today in financial services.”

The letter continues, claiming that PayPal has an interest in how cryptocurrency technology can be used to promote transparency and compliance efforts and would be supportive of the European Commission’s attempts to regulate the industry. 

PayPal revealed that it had taken “unilateral and tangible steps to further develop its capabilities” in the area of cryptocurrency since signing a letter of intent to participate in the Libra Association established in June 2019. 

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