Monday, January 20, 2020

Pavel Durov to Close Company Behind Telegram Messenger

Avatar
Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

Pavel Durov, the founder of Telegram Messenger LLP, is closing the company behind Telegram, a social messaging app that was banned in Russia in 2018. Based on a media outlet’s report, the founder signed an application to remove the company from the U.K. register on December 19, but it was only filed some days ago.

Companies Behind Telegram

Telegram Messenger LLP which is about to be dissolved was set up in 2014 by the collaboration of two companies. They are Telegraph Inc., based in Belize, Central America and Dogged Labs Ltd. in the British Virgin Islands. Reports reveal that the latter company was replaced with Telegram Messenger LLP.

Telegram also began its operation in Russia in 2017, and this is a country with several laws which messengers and email providers must adhere to. Part of the demands is that they must keep a record of videos, voice calls and messages made with the app for one year. Also, companies must share the nature of their activities with Roskomnadzor, the country’s telecom operator.

Russia Bans Telegram

Telegram Messenger LLP failed to comply with these regulations and as such, attempts were made by Roskomnadzor to block its services. The operator requested the Tagansky District Court that the messaging service should be banned and so it was. The court also declined Telegram’s appeal to reinstate the use of the app in the country.

At the moment, the reason for the company’s liquidation is unknown, and assumptions have been made that it is due to the blockage in the Russian Federation. On the other hand, what is certain is that the messenger is no longer operational in Russia.

Liquidity Could be a Major Hit on Cryptocurrency Groups

For cryptocurrency groups that majorly take advantage of Telegram to promote their products and services, this news is a big deal. This is a social media platform with about 200 million users and a large user base at that. Also, companies in the industry have adopted Telegram to promote their airdrops, Initial coin offerings (ICOs), and generally, to maintain a community of followers.

The company had reportedly made plans to launch a project called TON (Telegram Open Network) where a virtual currency will be used for payments. The ICO to raise funds for TON began last year, but was canceled after $1.7 billion was raised in a private sale. Plans were also made that by 2019’s end, the platform will be launched. Given the turn out of events, there are currently a lot of uncertainties.

Latest News

Bitcoin Dropped 6% in Just 5 Minutes Liquidating “$108M”: What Happens Next?

The bitcoin price dropped by six percent from $9,060 to $8,505 across major crypto exchanges including Binance in just...

Analysts Expect Ripple’s XRP to Surge to $0.30: Here’s Why

The entire crypto market has been on a tear over the past week, gaining dozens of percent. But altcoins like XRP, especially, have done...

Bitcoin On The Brink Of Massive Rally And Only 1 Thing Is Holding It Back

Bitcoin is climbing steadily above $8,800 and $9,000 against the US Dollar. BTC price could start a massive rally towards $10K and $11K if...

A Strong Uptrend Is Forming For Ethereum And It Could Rally To $200

Ethereum gained bullish momentum above the $170 resistance against the US Dollar, and bitcoin jumped above $9K. ETH price is likely to continue higher...

Analysts Lays This Case for $3,500 Bitcoin Price By 2020’s Halving

After Bitcoin (BTC) rocketed from $3,000 to $14,000 in the span of six months, analysts have been sure that the cryptocurrency would never revisit...
- Advertisement -