To be offered to the public is the messaging app giant Telegram’s token known as ‘Gram token’ which was previously sold in the biggest ICO later in the early part of 2018 to accredited investors.
Reports coming from TechCrunch, stated that from July 10th ,the gram token sale will take place on the Liquid exchange though on a limited scale. The offering reportedly comes before a full public sale planned for October. Its yet to be disclosed, the cost of the token and the targeted total for the raise.
Gram Asia – the Korean entity which claimed to be the largest holder of gram token is going to handle the sales, according to TechCrunch. Gram Asia is described as a “trusted partner” of Telegram according the Liquid Exchange website.
In the Telegram’s massive two-phase ICO( initial coin offering) in February and March of 2018 , Grams was previously sold only to accredited investors. It was a sale that brought in around $1.7 billion and was by far the largest fundraise made through a crypto token offering.
The funds were to be used to develop the Telegram Open Network (TON). TON is a blockchain of an ambitious type meant to decentralize multiple facets of digital communication, which ranges from browsing, transactions to file sharing.
According to the gram sale page on Liquid’s website, “TON brings speed and scalability to a multi-blockchain architecture that addresses the need for minimal transaction times and airtight security.”
The site also stated that the sale is open to all investors globally, excluding some nations like, the U.S. and its territories and Japan. This is most likely as a result of fears that the token could be considered a security in those areas.
Due to such regulatory risks, its yet to ascertain if the Telegram would ever hold a public sale later.
It’s also worth noting that any gram tokens sold in the upcoming offering will not be immediately tradeable.
The website says:
“In accordance with the delivery schedule, the tokens that are being sold will not be released untill after TON goes live via mainnet release. Purchasers will not be able to transfer, withdraw, or trade the Grams before they are released No transactions will take place before grams are released-.”
A full token launch is expected at the end of October, the website said. Investors signing up to Liquid Exchange for the sale can purchase grams with either U.S. dollars or the USDC stablecoin.
Credit: Daniel Palmer
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