Russian messaging app Telegram plans to launch its own cryptocurrency, report says

Russian messaging app Telegram is planning to launch its own cryptocurrency in a bid to rival global players such as Bitcoin.

A white paper reportedly seen by US news site TechCrunch reveals plans for a “third generation” blockchain platform, complete with a native cryptocurrency called “grams”.

Telegram co-founder and CEO Pavel Durov reportedly hopes to harness the app’s millions of users to kickstart the currency and bring it into the mainstream.

Users would be able to use their cryptocurrency to pay for everyday items via the Telegram app, or transfer funds abroad without facing commissions or credit card fees.

A pre-Initial Coin Offering (ICO), where large firms can buy up swathes of the new currency before it hits the market, could take place as early as March, TechCrunch reported. The company currently hopes to make some $500 million in the pre-ICO sale — making it the world’s largest private cryptocurrency launch.

The move would free Telegram from conventional investors or banks: a key motivation for Durov, who was forced out of his former company, Russian social network VK, by investors.

Durov is yet to comment on the story.