According to the latest reports, Telegram’s still-to-be-launched cryptocurrency, termed as GRAM, is trading in the unauthorized secondary market already and it is the early investors who are gaining record returns on these tokens.
As the crypto community already knows, Telegram is scheduled to launch their much-awaited and delayed blockchain TON, Telegram Open Network, on 31st October 2019. However, before one of the most famous messaging apps in the world, Telegram, can officially unveil its blockchain and gram tokens, there are plenty of options available to purchase grams for keen buyers. From OTC (over the counter) desks and investment funds to sales on smaller crypto exchanges, gram tokens are available in the market for buying although, all these options are unauthorized.
When Telegram had conducted an initial coin offering (ICO) worth 1.7 billion dollars in February, as well as March, in the previous year, it had prohibited investors from selling or pledging their tokens prior to the official launch in any manner. In fact, the original agreement of purchase states that if investors give away their future gram tokens before the firm makes TON live, then the investors’ allotment can be canceled. In simple words, the investors who purchase these tokens in a secondary trading activity will never get the tokens.
As one of the many investors highlights the point that Telegram became the first large project that prevented its investors legally from selling off their allocation. But it seems even the restrictive terms of the purchase agreement couldn’t stop the investors wanting to opt-out of the project. It just made gram’s secondary market an underground activity.
According to Anna Palmina, who heads Palmina Invest, an OTC desk, and investment firm, generally, investors share their allotments with friends and family without signing any documents. She also added that her company neither invested in the sale conducted by Telegram, nor they are offering the tokens.
As per recent reports, over the counter sellers are making confidential GRAM deals purely on trust. Sellers are striving to make a revenue by reselling their tokens purchased either at 0.37 dollars or 1.33 dollars per gram token in the first and second round respectively. The offerings of gram tokens are increasing considerably; the price tag is between 1.60 dollars to 2 dollars, says Vladimir Cohen, an over-the-counter trader. That indicates the significant profit earned by early investors.
In June 2019, digital currency exchange Liquid which is based in Japan announced gram token sale in collaboration with Gram Asia, considered one among the original TON investors. Interestingly enough, this sale began on 10th July at 4 dollars per gram token and finished in a few weeks. However, Liquid had clarified on its website that the sale was subject to vesting – the buyers will not get the tokens immediately post the TON launch but after a certain period. The gram token sale increased the user base of the exchange tremendously; it got around 25K new users in July. About 50% of these users purchased the placeholder tokens.
It’s worth noting that Telegram has already failed to keep its previous launch deadlines. It was slated to deploy the stable TON version along with the Telegram wallet in the 4th quarter of last year. Telegram wrote in February to the investors that 90% of the work has been done. Now, as the official release date is approaching, gram tokens are already making headlines.