The encrypted messaging app Telegram today released a desktop wallet for the testnet of its upcoming cryptocurrency network, Telegram Open Network (TON). Users can receive “test” Grams—TON’s native token—from a Telegram bot, but not real ones: Telegram agreed not to sell or distribute the Gram token after the SEC filed a lawsuit against it.
Telegram promised investors that its blockchain network, the Telegram Open Network (TON) would be integrated into its messenger app by October 31. And, through the release of the Test Gram Wallet, it has done so—sort of.
The wallet is available for Windows, macOS, and Linux. It allows users to create a wallet, and set private keys. Users can receive and send test Grams, but, for now, the wallets will remain devoid of any real value.
Experience Web 3.0.
Be the first to get Decrypt Members. A new type of account built on blockchain.
The SEC sued Telegram after claiming that its token was a security, and asked the court to prevent the sale of Grams. Telegram vehemently denied this, and asked the court to reject the ban.
A compromise was reached; Telegram agreed not to sell or distribute Grams until after the court hearing with the SEC, which will take place in February. Then, the SEC and Telegram will duke it out for once and for all.
Telegram has a lot riding on this: if it doesn’t launch, it will have to return the $1.7 billion it raised from investors for the private token sale for Grams.