Cryptocurrency

Anchorage Labs Subsidiary Qualifies as the First Custodian for Gram Token Ahead Launch

Anchorage Trust Company, the wholly-owned digital asset custodian of software firm Anchor Labs, has announced that it has earned the privilege to become the first entity qualified to support institutional custody for reputed messaging platform, Telegram’s Gram (GRM) token.

Diogo Monica, the co-founder and CEO of Anchorage Trust Company, broadcasted the news of her firm getting entitled to render investors and organizations to hold Gram tokens post the launch on October 7, 2019. Interestingly, the firm will become the custodian of GRM token even before its highly-anticipated launch, which is slated for October 31, 2019. Through the official blog post, the firm confirmed that the services would be provided either through Anchorage Trust Company or Anchorage Hold.

The spearhead further added that the firms are not registered with the United States Securities and Exchange Commission and so the services will not be offered to the residents of New York in the initial stages. She even explained the two primary options for getting the Gram tokens. She added that the customers would be able to purchase existing Gram tokens in the open market space or new Gram tokens from the Telegram Open Network (TON) Reserve.

Both the markets are curated in a way that they will aid in counterbalancing each other and will also foster stabilization of supply and price of Gram tokens, stated Monica.

While drawing inference from the White Paper, the company also stated that the TON Reserve “will incrementally increase the price of new Grams with every Gram sold,” following an “exponentially increasing function.”

The company revealed that the first Gram would be priced at $0.10 while the next token will be traded for one-billionth more than its predecessor. Currently, TON Network is gearing up for the launch in October end. The launch announcement clarified that the investors would be required to give a public key to the Telegram network to receive their Grams by October 16, 2019.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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