Instant cloud messaging app Telegram has announced that its anticipated crypto, gram coin, would launch in a standalone app.
This is as opposed to expectations that the crypto would be incorporated in the messaging app during launch.
Telegram made this revelation through a statement explaining that the wallet is expected to with other crypto wallet applications.
The statement reads Telegram’s TON Wallet application is expected to be made available on a standalone basis.
It will, therefore, not be added with the Telegram Messenger service; it continued.
Regarding the TON Wallet, it stated the TON Wallet is expected to compete with any other wallet applications designed and offered by third parties.
However, Telegram stated it might join its wallet and messaging app later on if it is legal to do so.
The messaging app company, on the other, has been involved in legal cases of recent alongside the U.S Securities and Exchange Commission (SEC).
The legal battle between Telegram and SEC has been a mess and taken several twists over time.
SEC, Telegram scuffle
Telegram, reportedly after garnering over a billion dollars through token sales in 2018, was alleged of illegally conducting the sales.
The court case lead to Telegram postponing the launch of its anticipated TON blockchain scheduled for November 2019.
It also lead to the deposition of Telegram founder, Parel Durov, alongside two senior employees to be carried out in January 2020.
SEC also alleged that Telegram’s token, Gram coin qualifies as a security, but the company has failed to register it accordingly.
In another twist, Telegram said Grams is not an investment denying SEC’s position in a public statement.
They stressed that Grams should not be associated with expectations for profits based on the purchase or holding the token.
Telegram’s lawyer has also made the same claim in a letter he sent to SEC earlier.
The document sated you should NOT expect profits based on your purchase or holding of Grams, and Telegram makes no promises you will make profits.
Gram coin are intended to act as a medium of exchange between users in the TON ecosystem.
Gram coin are NOT investment products, and there should be NO expectation of future profit or gain from the purchase, sale, or holding of Grams,” it wrote in the notice.
In the statement telegram released earlier today, it pointed ambiguous plans to launch the TON as a decentralized project.
Outside this, it explained that the firm would not be obligated to maintain the platform or create any applications for it.