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One of the messaging giants Telegram is on its way to bring the public issue of its Gram token at some point in October 2019. The proposed sale will kick start on 10th of July through Japanese cryptocurrency exchange Liquid.
Bloomberg reports that Gram Asia will sell rights to its Gram holdings at $4.00 per token, which is three times as much as the original $1.33 ICO sale price in 2018. This clearly indicates that the price of Telegram’s Gram has skyrocketed even before the public issuing of tokens has actually opened.
Relating to an email from the crypto exchange Liquid, Bloomberg affirms that users who will buy Gram with Liquid’s native token, QASH, will get a $0.50 discount per token. In other words, the initial price of Gram token will be lowered to $3.5 if buyers decide to use Liquid’s cryptocurrency QASH in the purchase. However, future prices of Gram may range widely and perhaps even wildly as it happens often in the crypto sphere.
Liquid was also the crypto exchange in which Telegram’s previous ICO took place in 2018; the company then raised a whopping $1.7 billion. Telegram’s massive two-phase ICO in February-March of 2018 is still considered to be the biggest ever initial coin offering, and doubtfully if any other ICO will ever surpass it, considering the current ICO climate.
Early investors reportedly paid $1.3 per token during the second Telegram’s ICO round in March 2018. The funds were used to develop Telegram Open Network (TON), the blockchain-powered platform of Telegram. During these private sales, South Korea’s Gram Asia was one of the largest private buyers and holders of the Gram tokens in Asia; the firm will sell its portion of the Gram tokens to the public at triple the original ICO price.
Telegram Wants to Compete with the Bitcoin and Ethereum Blockchains
Founded by self-exiled Russian Pavel Durov, Telegram’s open source and encrypted messenger app currently serves 200 million users worldwide and Gram, the still unreleased token of TON will be used to purchase various services on the new Telegram platform. These services may include decentralized storage, bypassing censorship, private messaging and other features.
According to some of the company’s documents:
“Durov aims to enable transaction speeds faster than the Bitcoin and Ethereum blockchains and may seek to compete with Visa Inc. and Mastercard Inc.”
But crypto enthusiasts will have to remain a little patient. The sold Gram token will not be able to be transferred, withdrawn, or traded until after Telegram Open Network goes live.