Messenger app Telegram considers settlement in Switzerland
The messaging app Telegram, which has more than 300 million users, is considering setting up operations in Switzerland. This is according to research by the Handelszeitung.
Talks are underway with cantonal economic development agencies about work permits, premises are being inspected in Zug, and exploratory talks have been held with the financial market supervisory authority Finma, according to well-informed sources. The Handelszeitung Telegram could not be reached for comment.
The settlement would take place in stages. Initially, research and development of the Messenger app would be consolidated in Switzerland. In the longer term, Telegram could also move its headquarters, currently in Dubai, to Switzerland. Telegram is in talks with Finma because the messenger service plans to integrate a payment service into its app. To this end, Telegram has created its own currency, Gram, and raised $1.7 billion from investors for this purpose in 2018.
Telegram would not be the first social media platform to choose Switzerland as a location in connection with a new payment system. Facebook located the association for its new currency Libra in Geneva in early summer. (pd)
