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Highlights:

  • Taking risks, Telegram releases a test Wallet for its TON Token
  • The company is under scrutiny for its proposed TelegramNetwork Token
  • Telegram raised $1.7 Billion in ICO for its TON Venture 

Encrypted messaging app giant Telegram has rolled out a desktop test wallet for its testnet of the Proposed Telegram Network Token (TON).  

Developers and prospective users can check out the test app for MacOS, Windows and Linux 64 bit on Telegram’s official website. As general crypto practice, the wallet asks users to save 24 seed words and create a password for payments, after which the wallet is ready to receive and send grams.

Telegram ambitious project TON got a 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 was halted as it was put under scrutiny by the SEC. The SEC sued the company on grounds that the token was equivalent to security and didn’t receive any certification from the regulators. 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.

The company has been asked to meet and defend its case against the SEC in court on February 18 and 19, 2020, in New York.


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