Messaging app Telegram’s blockchain known as Telegram Open Network (TON) will have its public token sale on an exchange known as Liquid.
The exchange announced that they would be hosting the public Initial Coin Offering (ICO) for Gram (Telegram’s token) on its platform on July 10. The exchange said, “The world’s most anticipated token sale, available to the public for the first time. Liquid has partnered with Gram Asia for an exclusive sale of Telegram’s Gram token, available only to Liquid customers.”
The sale is set to go live on July 10, with USDC and USD accepted as funding methods. The token launch is expected to launch October 31st 2019. The utility token will be released over a four-part period totalling 18 months following the launch.
To refresh our readers’ memory, the project has been in the pipeline for a very long time. Last year, the Securities and Exchange Commission (SEC), received a document from Pavel Durov, the founder of Telegram, which said that the platform had raised nearly $850 Million in a private pre-sale for its Blockchain project. The pre-sale was limited to friends and family where the minimum buy-in was set at $10 Million.
The document submitted to SEC stated the money was raised for “Development of TON Blockchain, development and maintenance of the messenger and other purposes”. The document also mentioned other things like the money was raised with purchase agreements for the Cryptocurrency since it is not out yet.
Interestingly, soon after that, the platform decided to cancel their Initial Coin Offering (ICO) for its token, Telegram Open Network (TON) and cryptocurrency ‘Gram’.
According to a report in The World Street Journal (WSJ), the ICO was cancelled because, the messaging app believed it had raised enough money and did not wish to attract the scrutiny of the Securities and Exchanges Commission (SEC).
Officially, Telegram intended to use the money collected from its pre-ICO sale to build a third-generation blockchain called TON that will use Gram as its cryptocurrency. The company tried to hype the initiative by throwing in a lot of buzzwords such as describing it as an “open network” that “can become a Visa/Mastercard alternative for a new decentralized economy.”
According to CCN, most investors have claimed that Telegram has been “notoriously opaque about its transparancy, with many investors being unable to convince the company to provide them details of the offering.”