The Secretive Crypto Project Of Telegram Soon To Launch

It has been reported that the secretive project of Telegram is moving along just fine with 90% of the project already done.

The most important part of the project - the Telegram Virtual Machine is already complete with only minor changes.

This essential part of the project operates that same way the Ethereum Virtual Machine does.

The project conducted a pre-sale round about a year ago which was followed by a second round in March.

The funding rounds were a complete success raising around $1.7 billion USD.

Expectations are high for the project which will complete with more established platforms such as Ethereum, EOS, TRON and other smart contract platforms.

The native token of the project is GRAM.

According to sources telegram is working very hard to have the token listed in several exchanges in time for its official launch.

2.2 Billion Gram was sold during the pre-sale for a total of $1.7 billion.

This makes the price of Gram $1 USD per token.

Gram has a total supply of 5 billion tokens.

UAE To Bring Blockchain and Crypto To 7th World Government Summit

According to reports, the Ministry of Finance (MoF) of the United Arab Emirats (UAE) will be bringing up the topic of blockchain and digital asset at the 7th World Government Summit.

MoF will hold two closed sessions devoted to global financial trends, one of which will be for development of blockchain and digital currencies.

This will highlight the effort in building a feasible economic environment around the two technologies.

In the said event MoF will also hold an open session with the International Monetary Fund (IMF) to discuss what impact development funds could have on the global economy by investing in the digital economy.

The World Bank on the other hand will participate in the discussion on the coordination of fiscal policies.

UAE has been bullish on blockchain and cryptocurrencies launching several related projects that plan to leverage the emerging technologies.

One of this project is Aber which is a cryptocurrency project being developed in collaboration with Saudi Arabia to enable banks a more efficient and cost effective way of cross-border payments.

Bitcoin At Historically Oversold Levels According To Analyst

A popular cryptocurrency analyst on Twitter, Hsaka has recently shared his thoughts regarding the price action of Bitcoin (BTC).

He is predicting that at current price levels of around $3,400, which is a historical oversold price level, a bounce is imminent.

However, if the price of bitcoin will not stay above $3,100 it would lead to a further drop into the low $2000 region.

According to Rob Sluymer, a technical analyst at Fundstrat Global Advisors, BTC is again at historically oversold levels and is retesting important support that needs to hold to suggest a bottom is developing.

He adds that the Relative Strength Index (RSI) is at the same levels seen near the end of the bear market of 2015.

However, he also thinks that the price of bitcoin can go down as low as $2,270 in the future if it could not maintain prices above $3,100.00.

A bounce from this level could confirm them as a long-term bottom.

Binance CEO States That His Company Will Survive Any Bitcoin Bear Market

The CEO of one of the most influential cryptocurrency exchange, Changpeng Zhao has recently stated in an AMA (Ask me anything) session that bitcoin is the future and his company will survive any bear market no matter how brutal the market might be.

This was in response to a question that asked the young executive if he thinks that company can survive another year with the current market conditions.

He states that his company can survive any number of years no matter if its bear or bull.

He reveals that they do not really look at market too much, not as much as what other people tend to think they do.

He adds that they just keep their heads down and keep on building features.

He assures everyone that his company is financially stable and is planning to be in the space for a very long time.

Zhao does not consider his company hugely successful, he thinks that the industry is still developing and his team is still very small and young implying that there is still room for improvement.

He advises everyone in the crypto industry to not be stagnant and get distracted by media hype, keep focused and do the work.

Facebook Might Acquire More Crypto-Related Startups

It has been revealed that the social media giant Facebook is not yet done on aquiring crypto-related startups

According to unnamed sources, Facebook has previously talked with several startups with a view of making acquisition.

These startups include Algorand, Basis and Keybase.

It seems the talks with Basis coincides with Facebook’s effort to develop its own stablecoin that is pegged to the U.S. dollar.

If Facebook was able to acquire Basis it would have allowed the company to get its hands on a stablecoin that was already being developed.

However this deal never materialize living pundits to speculate that the way how Basis maintains its peg to USD might have turned out Facebook due to regulatory concerns.

Facebook seems to be only interested with Startups that can scale to billions of users.

This is the reason why the initiative stirred away from Bitcoin and Ethereum as these projects just don’t scale to the numbers Facebook requires (For Now).

Among the several projects they have scouted it seems only Chainspace and Algorand meets their requirement.

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