Messenger app Telegram is looking into setting up shop in Switzerland

The messenger app Telegram, with its more than 300 million users, is looking into setting up shop in Switzerland. This is the result of research by the Handelszeitung.

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Talks are being held with cantonal business development agencies about work permits, premises are being inspected in Zug and there have been exploratory talks with the financial market supervisory authority Finma, according to well-informed sources. The Handelszeitung According to the report, Telegram could not be reached for comment.

The settlement would take place in stages. Initially, the 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 that end, Telegram created its own currency, Gram, and raised $1.7 billion from investors in 2018 to do so.

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)

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