Telegram Introduces A Desktop Test Wallet For Its GRAM Token Amid Ongoing SEC Case
Encrypted messaging app giant Telegram has rolled out a desktop test wallet for its testnet of the yet to be released crypto network, Telegram Open Network (TON).
According to CoinDesk, the test app is now available for download for Linux, macOS as well as Windows. Interested individuals can access the app from Telegram’s website and they will be able to create a wallet as well as a set of private keys. In addition, users will be able to get and send test Grams, however, at the moment, the wallet will not hold anything of value.
Currently, the test wallet can only accept Grams as it is not indicated whether other cryptos are supported. Users are awarded from 5 to 20 Gram tokens by a bot to transact.
Telegram started a blockchain project and dubbed it TON and went ahead to get funding of $1.7 billion through a private token sale in 2018. Telegram went ahead and told the investors the network would be launched before Oct.31. In this case, the releasing of the Test Gram Wallet seems like a plot to beat the deadline.
Telegram’s plans to launch TON has been put in jeopardy by SEC after it was sued by the regulator saying that the token was equivalent to security. The regulator pleaded with the courts to stop the selling of the Gram token. Telegram has insisted that the token is not a security and has asked the court to set aside the ban.
In the recent past, Telegram and the regulator have come into an agreement where Gram tokens will not be distributed until the court has heard and determined the case which will take off in February.
Telegram has since received relief from investors after they agreed to postpone the selling of the Gram token to April 31, 2020, giving the company enough time to settle issues with the SEC. it turns out that Telegram has a lot to do to convince the regulator that Gram is not a security token or risk returning the $1.7 billion to investors.