Telegram has reversed its earlier choice to not perform a public sale of its native token Gram by asserting an inventory on the Liquid cryptocurrency alternate.
U-Turn for Telegram?
In a press release issued on Tuesday (June 11, 2019), the messaging platform declared that it might be going ahead with a public preliminary coin providing (ICO) for its Gram token. The personal part of the sale garnered vital consideration again in 2018, elevating $1.7 billion.
According to the assertion, the primary part of the ICO entails a restricted itemizing for early chicken buyers on July 10. The major token sale occasion takes place in October 2019 however is not going to be accessible to buyers in international locations just like the U.S., Canada, South Korea, and Japan to point out just a few.
The transfer is considerably of a shock given Telegram’s place on a public ICO again in 2018. As reported Bitcoinist on the time, the corporate was cautious of the increasing spotlight on ICOs by the U.S. Securities and Exchange Commission. This is probably going why the nation is likely one of the geo-blocked nations within the token sale.
Is it Really a Telegram ICO?
While particulars stay unclear at this level, it’s important to point out that Telegram itself isn’t the purported “seller” of the cryptocurrency tokens. Instead, the announcement says Liquid is itemizing tokens held by Gram Asia – the biggest Telegram token holder.
There are additionally no particulars in regards to the variety of tokens on sale and the beginning value for the ICO. The official assertion issued thus far comes from Mike Kayamori, the CEO of Liquid, saying:
We are excited to be partnering with Gram Asia to launch the Gram token sale, which is fantastic information to our group who’re native customers of Telegram. We share the imaginative and prescient for a safer and open worth switch system so as to allow the mainstream adoption of cryptocurrencies.
The solely different particulars accessible point out that the token sale course of will contain know-your-customer (KYC) verification. Interested buyers could have to submit to a authorities and picture ID verification train.
Gram tokens purchased throughout the sale will even stay locked in Liquid wallets till the TON mainnet comes on-line. Furthermore, the tokens is not going to be tradable however that may not cease some over-the-counter (OTC) alternate going down.
What do you consider Telegram’s choice to lastly go forward with its public ICO? Let us know within the feedback under.
Images by way of Shutterstock, Liquid.com