One of the biggest-ever ICOs, Telegram’s Gram token, is now being offered to the public. Messaging app Telegram’s ICO token finally on public sale.
A limited sale of the Gram token will take place on the Liquid exchange from July 10. The news was reported by TechCrunch that the offering reportedly comes before a full public sale planned for October.
The cost of the token and the aggregate total for the raise are not being disclosed.
The sale is being made via Gram Asia, 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. The sale was around $1.7 billion. Messaging app Telegram’s ICO token finally on public sale.
The funds were to be used to develop the Telegram Open Network (TON).
According to the Gram 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, except in the U.S. and its territories and Japan. The reason for this is most likely due to the fear that the token could be considered as a security in those jurisdictions.
Telegram’s public sale was doubtful due to regulatory risks.
Also gram tokens sold in the upcoming offering will not be immediately tradable.
The website says:
“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 signing up for the sale can purchase Grams with either U.S. dollars or the USDC stablecoin.
The website states that a full token launch is expected at the end of October.