Telegram Releases Test Gram Wallet Despite Pending SEC Suit

Telegram

Telegram has released a test version of its desktop wallet for its own digital coin, known as Grams, despite an injunction from the SEC preventing the launch of its planned blockchain, Telegram Open Network (TON).

Users can download the desktop app on Windows, macOS, and Linux 64 bit from Telegram’s official website. The app greets users with the message, “Now you have a wallet only you control – directly, without middlemen or bankers.” Users can also engage in test transactions with Grams distributed by a special Telegram bot; however, it warns that these transactions could be delayed at times of high traffic.

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The launch of TON, the ambitious blockchain from the messaging app, was delayed last month after the SEC argued that the ICO used to fund its development was illegal. Telegram began raising capital to fund its blockchain project from two separate offerings, which took place between January and March of last year. The company reportedly raised $1.7 billion USD from the sale of 2.9 million Grams, of which approximately $424 million came from the US, which falls under the jurisdiction of the SEC.

The SEC argues that Gram tokens are technically a security, and because Telegram failed to register the ICO with the commission, it was therefore illegal. Telegram has been cooperative with both regulators and its investors in finding a solution to the impasse, and today’s launch clearly shows that the company is focused on carrying through with its plans to launch TON.

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The project has drawn the eyes of the crypto world, with a secondary market springing up for Gram tokens earlier this year yielding returns in excess of 400%. Under the terms of the highly secretive ICO, initial investors risk voiding their tokens if resold on a secondary market, yet this failed to deter many. Telegram will meet with the SEC on February 18 and 19 of next year to discuss how to move forward with its plans, with TON’s new launch date scheduled for April 31, 2020.

Featured Image: DepositPhotos © EdZbarzhyvetsky

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