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Telegram, the messaging app giant, is putting its Telegram Open Network (TON) token, Gram, on public sale and it will be exclusively available on the fiat and crypto exchange Liquid.
Now, a limited sale of the Gram token will take place on the Liquid exchange on July 10. The cost of the token and the targeted total for the raise are not being disclosed as of yet. The sale is being made by Gram Asia and comes before a full public sale that is planned for October of this year. Gram Asia, reportedly a Korean entity, is said to be the largest holder of the Gram token so far.
Mike Kayamori, co-founder and CEO of Liquid said:
“We are excited to be partnering with Gram Asia to launch the Gram token sale, which is wonderful news to our community who are native users of Telegram. We share the vision for a more secure and open value transfer system in order to enable the mainstream adoption of cryptocurrencies. The TON Blockchain infrastructure can help enhance Telegram’s current capabilities as a peer to peer network of value, with the launch of their cryptocurrency light wallets for Telegram’s highly engaged user base.”
Gram has already had a two-phase initial coin offering (ICO) in 2018, in which it was only sold to accredited investors. The sale brought in $1.7 billion for Telegram and became known as one of the biggest ICOs ever. The funds raised were to be used to develop the Telegram Open Network (TON), a blockchain platform meant to decentralize digital communication.
Telegram’s Token “Gram” Will Be Excluded from the US and Japan
“TON brings speed and scalability to a multi-blockchain architecture that addresses the need for minimal transaction times and airtight security,” reads Liquid’s gram sale page. The sale will be available to investors globally, excluding some countries such as the US and Japan like other crypto entities had previously decided. Experts believe that this exclusion is due to the fears that in these countries, Gram will be considered a security. If that happens, Gram will come under scrutiny by financial regulators in said states.
However, the tokens sold on Liquid will not be immediately tradeable. The web page on Liquid states:
“The tokens being sold will not be released until after TON goes live (mainnet release), in accordance with the delivery schedule. Purchasers will not be able to transfer, withdraw, or trade the Grams before they are released.”
In April, a private beta testing of the TON testnet had been launched. Setting up TON blockchain nods in developer labs revealed extremely high transaction speeds. In May, Telegram sent an internal memo to investors in which it boasted that the test results showed the capability of the TON virtual machine and the TON-specific Byzantine consensus algorithm to meet the goals stated in the original White Paper.