Messaging app giant Telegram’s gram token, previously sold to certified investors in one of the biggest-ever ICOs, is finally to be offered to the public.
As reported by TechCrunch, a minimum sale of the gram token will take place on the Liquid exchange from July 10. The offering supposedly comes before a full public sale projected October. The cost of the token, as well as the targeted total for the raise, are not being disclosed yet.
The transaction is being made via Gram Asia, which TechCrunch states is a Korean entity claiming to be the largest holder of gram token.
Grams have previously been sold only to accredited investors in Telegram’s massive two-phase ICO in February and March of 2018 – a sale that brought in around $1 .7 billion.
The capital was to be utilized to develop the Telegram Open Network (TON), an aspirational blockchain meant to decentralize multiple facets of digital communication, ranging from file sharing to surfing to transactions.
As per 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 .”
It also states that the sale is open to all investors globally , but excludes some nations including the U .S . and its territories and Japan, most likely due to fears that the token could be considered a security in those jurisdictions.
As reported by CoinDesk previously, whether Telegram would eventually hold a public sale at all was in some doubt due to such regulatory risks.
It’s also worth noting that any gram tokens sold in the upcoming offering will not be immediately tradeable.
The site states :
“The tokens being sold will not be launched until after TON goes live, in line with the delivery schedule. Purchasers will never be able to transfer, withdraw, or trade the Grams before they are launched .”
Dealers enrolling to Liquid for the sale can buy grams with either U.S. dollars or the USDC stablecoin. A full token unveiling is expected by the end of October, the website implies.