Telegram’s token sale which was previously sold to accredited investors only and is the biggest ICO ever is finally offered to the public. Let’s find out more about the token sale in the coming altcoin news.
The messaging giant’s Gram token was sold to investors previously and as reported by TechCrunch, a limited sale of the Gram token will not take place on the Liquid exchange starting from July 10. The offering comes before the full public sale which was planned initially for October. The cost of the token and the targeted total for the funds raised is not being disclosed yet.
The sale is being arranged via Gram Asia which TechCrunch explains is a Korean entity claiming to the biggest Gram token holder. Grams have been sold previously to accredited investors in Telegram’s ICO token sale which was two-phased in February and March 2018 which also brought around $1.7 billion.
The gathered funds were used to develop the Telegram Open Network (TON) which is a blockchain-based open network aiming to decentralize the many facets of digital communication, ranging from browsing, transactions and file sharing. According to the Gram selling webpage on Liquid’s webpage, ‘’TON brings speed and scalability to a multi-blockchain architecture that addresses the need for minimal transaction times and airtight security.’’
Reports in the latest cryptocurrency news stated that the token sale is open to all investors around the world with some countries that were excluded including the United States and Japan most likely because of the fears that the token could be considered as a security in these regions. Whether Telegram will eventually hold a public sale at all has the community doubting due to the regulatory risks. It is also worth mentioning that any Gram token sold in the coming offering will not be tradeable right away. According to the website:
“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.”
Investors that have signed up to Liquid for the token sale, can now purchase the gram token with US dollars or the USDC stablecoin.
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