Breaking: Telegram Abandons Telegram Open Network and GRAM Tokens

Breaking: Telegram Abandons Telegram Open Network and GRAM Tokens

Telegram CEO announces the end of Telegram Open Network and Gram following regulatory battle.

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Per a May 12 message from Telegram CEO Pavel Durov, the company is calling it quits on the Telegram Open Network and the linked GRAM tokens following a lengthy battle with the United States Securities and Exchange Commission.

Disclaimer: This story is breaking and will be updated. Please check in later for more information.


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Telegram CEO announces the end of Telegram Open Network and Gram following regulatory battle.

Telegram’s TON OS to Go Open Source on GitHub Tomorrow

Telegram’s TON OS to Go Open Source on GitHub Tomorrow

While Telegram’s TON and GRAM are delayed, TON OS, an operating system for the TON blockchain, is going to be open sourced on GitHub on May 7

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Telegram recently delayed their open network, TON, and their cryptocurrency, GRAM, once again. There is one related project that has not experienced these setbacks, however. TON OS, an operating system for the TON blockchain, will soon get an open source release.

The project’s core infrastructure developers, TON Labs, are planning to open source the main components of the TON OS on GitHub tomorrow. Mitja Goroshevsky, CTO at TON Labs, confirmed the news to Cointelegraph on May 6.

TON Labs to issue a token known as TON Cash within a month

As reported by industry publication, ForkLog, the release includes TON Node in the Rust programming language, command line interface, TON Multisignature Wallet smart contract, as well as tools for launching TON validators. The report notes that within a month, TON Labs also plans to issue its decentralized browser, Surf, its staking pool, DePool, and the token known as TON Cash.

In conjunction with the TON OS open source release, TON Labs is joining the Free Software Foundation (FSF), a major free software movement. As such, all the components of the TON OS are being launched as a free software. According to the developers, the idea of a permissionless blockchain in a closed source is absurd. TON Labs reportedly felt that joining the FSF will help them maintain free use of the application as well as the TON blockchain.

TON Labs said:

“This means the freedom of the user to copy, distribute, learn, modify and improve the TON software, and most importantly, in the case of TON, this means absolute freedom of the network operation. This is not a question of how good the code is, but a human right to use it.”

What exactly is this TON OS?

Despite the “OS” in its name, TON OS is not a competitor to existing operating systems like iOS, Android, or Windows. Instead, the system is designed to serve as an operating system for the Telegram blockchain network, Goroshevsky said.

Basically, TON OS is intended to fill the missing gap in the limited interaction of users with blockchain, Goroshevsky explained. The exec elaborated:

“Vitalik Buterin has been referring to Ethereum as the “World computer.” If it’s a world computer, it must have a processor and resources and provide services to the user. But there is no operating system or operating environment to manage these resources on the blockchain today. So if we think of blockchain as a processor, and then we have a program executed by this processor and user who wants to interact with this program, and we have a stack of components which provides all those capabilities — we call it an operating system.”

As reported by Cointelegraph, TON OS is designed to enable blockchain application support. Additionally, the TON OS would also allow users to create applications that are automatically compatible with the blockchain platform. The system is designed to eventually support applications with various functions like transacting numerous assets, including cryptocurrencies.

As reported, the TON network can still be launched by independent TON validators regardless of Telegram’s ongoing legal dispute with the United States Securities and Exchange Commission.


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While Telegram’s TON and GRAM are delayed, TON OS, an operating system for the TON blockchain, is going to be open sourced on GitHub on May 7

Telegram Will Release Bank Records to SEC in Ongoing Gram ICO Case

Telegram Will Release Bank Records to SEC in Ongoing Gram ICO Case

Telegram has agreed to provide the SEC with bank records on the condition that they can redact those records before they reach the court

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Telegram will release bank records that the United States Securities Exchange Commission believes will prove misconduct in the latter’s $1.7 billion offering of Gram tokens. 

International privacy laws and the new information

Per a Jan. 13 filing with the court of the Southern District of New York (SDNY), Telegram will have until Feb. 26 to provide the court with the bank records that the court denied the SEC in an earlier ruling that was based on privacy concerns. 

Today’s ruling will allow Telegram to redact the information provided to the court in accordance with foreign privacy regulations. According to a letter to the court from the attorneys for the defense, Telegram — a company founded in Russia by Pavel and Nikolai Durov and currently based in Berlin — will provide the SEC with these bank records in full by Jan. 15, only redacting them before submitting them to the public record. 

The fact that Telegram’s attorneys have agreed to provide the SEC with full bank records, while the public will have access to redacted versions means that all eyes will be on the SEC’s next move as a bellwether of what they do or do not find in the new documents. Philip Moustakis, an attorney with Seward and Kissel and formerly senior counsel at the SEC, told Cointelegraph that the SEC will be on alert for evidence of Telegram’s “Failing to exercise reasonable care to ensure that the purchasers were not acting as underwriters.”

The story of the bank records

As Cointelegraph reported, the SDNY denied the SEC’s original request for information earlier in January but did so “without prejudice,” leaving the subject open to further discussion.

On Jan. 10, the SEC produced invoices from alleged underwriters to Telegram’s sale of Gram tokens that the SEC believes demonstrate offering of Gram tokens outside of their approved timeline. 

SEC v. Telegram in brief

The saga of the U.S. regulator and the messenger service began in earnest on Oct. 11, when the SEC filed an emergency action demanding a cease-and-desist in Telegram’s offering. The SEC called the sale of Gram tokens an unregistered securities offering, while Telegram argued that it qualified under Regulation D exemptions to the requirement to register as such an offering. 

The SEC has been examining opportunities to adapt its Reg. D exemptions, which are dependent on making offerings to “accredited investors” alone, who by the logic of U.S. securities law does not require the same degree of regulatory protection as main-street investors. Despite this ongoing reconsideration, the commission has persisted in identifying Telegram’s offering as a security offering, meaning that the case will continue.


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Telegram has agreed to provide the SEC with bank records on the condition that they can redact those records before they reach the court

‘Grams Are Not Investment’ Says Telegram, Subtly Denying SEC Jurisdiction

‘Grams Are Not Investment’ Says Telegram, Subtly Denying SEC Jurisdiction

Telegram’s Gram token is not an investment product, the firm stressed in a new statement, implying that the token is outside of the SEC’s jurisdiction

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Telegram’s Gram, the native cryptocurrency for the Telegram Open Network (TON), is not an investment product, the firm stressed in a fresh public statement.

In a Jan. 6 blog post, Telegram emphasized that Grams should not be associated with expectations for profits based on purchase or holding of the token. Such an expectation usually defines a security.

In the United States, the Securities Exchange Commission (SEC) governs the sale of securities, and their recent actions against Telegram’s offering of its Gram token assume that Grams fall within the commission’s purview. Grams are instead designed to serve as a “medium of exchange” between users in the TON network, the firm elaborated. Telegram wrote:

“You should NOT expect any profits based on your purchase or holding of Grams, and Telegram makes no promises that you will make any profits. Grams are intended to act as a medium of exchange between users in the TON ecosystem. Grams are NOT investment products and there should be NO expectation of future profit or gain from the purchase, sale or holding of Grams.”

Telegram promises that the TON network will be decentralized

As part of the announcement, Telegram pointed out its ambiguous plans to launch the TON as a decentralized project, noting that the firm will not be obligated to maintain the platform or create any applications for it. The firm once again emphasized that Telegram will have no control over the TON blockchain once it is launched.

Additionally, Telegram clarified that no one can purchase or sell grams at the moment. The company added that holding grams in the future will not mean owning a piece of Telegram. Reiterating previous claims that grams will merely be a currency or commodity, Telegram said:

“Grams don‘t give their holders any special rights, just like owning Euros doesn’t give you shares in the European Union.”

Notice comes amid a pending court decision on new arguments with the SEC

The statement comes a few days after Telegram’s lawyers requested a United States court to reject a demand by the SEC to reveal the details of how the firm spent $1.7 billion raised in its initial coin offering in 2018. As reported by Cointelegraph, Telegram argued that the SEC’s request was nothing but an “unfounded fishing expedition.”

The new request by the SEC is part of the regulator’s emergency action against Telegram brought up in October 2019, a few weeks before the planned launch of the TON. While the SEC believes that Telegram violated securities laws by conducting its $1.7 billion Gram token sale in 2018, Telegram denies that Grams are securities.

According to a study, the TON network’s value is expected to surpass $20 billion over five years.


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Telegram’s Gram token is not an investment product, the firm stressed in a new statement, implying that the token is outside of the SEC’s jurisdiction

Telegram Asks Court to Deny SEC’s Action, Says Gram Is Not a Security

Telegram Asks Court to Deny SEC’s Action, Says Gram Is Not a Security

Telegram urges the U.S. court to deny the SEC’s emergency action, calling it “an ‘emergency’ of its own making”

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Telegram responded to the United States securities regulator, arguing that Gram, the native cryptocurrency for the Telegram Open Network (TON), is not a security.

Telegram requests to deny SEC’s injunction

In an Oct. 16 filing, Telegram urged the United States District Court for the Southern District of New York to deny the U.S. Securities and Exchange Commission’s (SEC) request for a preliminary injunction.

Moreover, the firm asked the court to enter an order that maintains the status quo regarding the offer, sale or distribution of Grams.

The filing is released two days in advance of Telegram’s ordered deadline to release a counterclaim on Oct. 18, the firm noted in the document.

“Emergency” of SEC’s own making

In reference to the SEC’s recent emergency action against Telegram on Oct. 11, the filing document claims that ”the SEC’s instant application is an ‘emergency’ of its own making.”

Reiterating its previous claims, Telegram’s legal council wrote that the firm has been voluntarily engaged with the authority regarding both the TON blockchain and Grams for the past 18 months, but the authority has not provided any clear feedback on the matter. Specifically, Telegram stressed that the authority allegedly decided to do so because Telegram promised to reimburse its investors in case if TON does not launch by Oct. 31.

The filing reads:

“Despite the SEC knowing for 18 months that if the TON Blockchain did not launch by October 31, 2019, Telegram would be obligated under its agreements with private purchasers to return the funds it raised, the SEC (i) never requested that Telegram delay the launch of the TON Blockchain; (ii) never advised Telegram of its intention to seek injunctive relief; and (iii) waited until the eleventh hour to file an ex parte application to enjoin Telegram’s launch.”

Gram is “merely a currency or commodity”

In the document, Telegram pushed back the U.S. securities regulator by claiming that its Gram token is not a security. The firm emphasized that Telegram already treated the Private Placement as a securities offering pursuant to valid exemptions to registration under the Securities Act of 1933. Once the TON blockchain launches, the grams will merely be a currency or commodity like gold or silver, but not a security, the firm wrote.

Telegram is not an ICO

Telegram also considered the ambiguity of Gram’s connection with initial coin offering (ICO) products, stating that Telegram has never issued a security to the public through an ICO. Telegram explained that instead of doing an ICO-like product, the firm entered into private purchase agreements with a limited number of purchasers that provided the future payment of Gram currency. The firm wrote:

“Unlike other digital assets that were offered to the general public through so-called Initial Coin Offerings (“ICOs”), Telegram did not — and will never — offer any securities to the public through an ICO.”

While informing that court that Telegram has decided to delay the launch of the TON blockchain, the firm concluded that there is no need for the Court to enter a preliminary injunction in the filing.

As reported, in addition to declaring Gram token illegal, the SEC also issued a temporary restraining order on the issuance of Gram tokens, with a court hearing scheduled for Oct. 24.


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Telegram urges the U.S. court to deny the SEC’s emergency action, calling it “an ‘emergency’ of its own making”

Telegram’s TON Launch and Token Distribution — All the Details to Date

Telegram’s TON Launch and Token Distribution — All the Details to Date

On the day the first Gram tokens were set for distribution to investors, here is what is known about the TON blockchain so far

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In just the last few months, the entire landscape of the crypto industry has changed. Innovation once came from within, with a number of early influencers earning god-like status among the crypto community. In 2019, the industry is marching to a very different tune, with tech companies expanding their influence out of their respective sectors and into the realm of finance. 

Telegram’s Telegram Open Network (TON), powered by its own in-house cryptocurrency, Gram, hoped to be the first token-backed product for mainstream use launched by an established tech firm. Just days before the launch date, the hammer of the United States Securities and Exchange Commission (SEC) came down in full force. 

Momentum for TON has been building over the past few months and the token distribution set for Oct. 16 was drawing ever nearer. In August and September, Telegram released the TON testnet for both explorer and node software, launched a free wallet service for its 300 million users, and announced a controversial $400,000 bug bounty. Just as everything was falling into place for the company — the SEC stepped in. 

SEC issues Gram restraining order

Although many companies have recently launched high-profile cryptocurrency initiatives, TON was scheduled as the first of them to go live for the general public. It seemed that with each passing day, anticipation for the Durov brothers’ latest, secretive project grew. Telegram’s trademark secrecy gave the project an added layer of mystery, building upon the firm’s $1.7 billion ICO in February 2018. 

With its competitors like the Facebook-backed Libra bogged down with lobbying and harsh regulation, it almost looked as if Telegram knew something everyone else didn’t. But the last of their luck would soon run out. Just as the final week before TON’s initial token distribution drew to an uneventful close, the SEC took emergency action. 

In an Oct. 11 press release, the SEC stated that it had filed an emergency action and restraining order against both Telegram and TON with a federal district court in Manhattan. According to the complaint, the SEC alleges that the sale of Gram tokens had not been registered with the regulator. 

The crux of the issue is that the SEC announced it will classify Gram as a security. According to the Securities Act of 1933, all securities must be registered with the commission. On this basis, the SEC declared the sale of the tokens unlawful. Several members of the commission were vocal about their disapproval for TON. Stephanie Avakian, co-director of the SEC’s Division of Enforcement maintained that Gram was illegal:

“Our emergency action today is intended to prevent Telegram from flooding the U.S. markets with digital tokens that we allege were unlawfully sold. We allege that the defendants have failed to provide investors with information regarding Grams and Telegram’s business operations, financial condition, risk factors, and management that the securities laws require.”

Steven Peikin, co-director of the SEC’s Division of Enforcement appeared to imply that Telegram had avoided undergoing the necessary regulatory diligence: 

“We have repeatedly stated that issuers cannot avoid the federal securities laws just by labeling their product a cryptocurrency or a digital token.Telegram seeks to obtain the benefits of a public offering without complying with the long-established disclosure responsibilities designed to protect the investing public.”

Due to the tiny snippets of information released by the company along with a great deal of rumors making their rounds of the crypto community, Telegram’s TON has created a huge amount of discussion. As more information became public and the token distribution date drew nearer, several exchanges stepped forward and announced their willingness to host TON. 

One of the earliest announcements came in early September from Blackmoon, an exchange registered in the Cayman Islands. Just a few days after, California-based Anchor Labs subsidiary, Anchorage Trust Company, threw its hat into the ring, reporting that it would support institutional custody for Gram, despite not being registered with the SEC. The most high-profile show of support came in October, when major U.S.-based crypto exchange and wallet provider Coinbase announced it will provide custodial support for TON once it goes live for the wider public. 

Oleksandr Lutskevych, CEO and founder of CEX.IO, a London-based exchange that also announced it would provide custodial support to TON, told Cointelegraph that the SEC has surprised everyone with their move, adding that, “The facts outlined in the complaint do not have a strong foundation, as we’ve encountered previously in other SEC cases.” Lutskevych went on to say that while they do not agree with the SEC decision, they share the commission’s core task of protecting retail investors: 

“Probably, their step was the only right action in this situation if we view the case from their perspective. Over the past few weeks, the attention to TON has been incredibly high, and it’s quite easy to understand how many tokens will burst out onto the retail market. On the other hand, such an approach brings lots of questions, and I am looking forward to seeing the results of the court hearing and the argumentation of the TON representatives.”

While stressing the importance of complying with legal procedures both within and outside U.S. borders, Lutskevych explained that CEX.IO will still aim to provide custodial services to TON for institutional customers regardless of SEC’s decision:

“This is a standalone licensed activity that has been approved by the regulator within our business plan. We believe that providing custody services for TON investors does not contradict any rules and laws.”

Why did this happen?

Many projects claim to have what it takes to transform the industry and even more have earned the praise of critics across the board. Almost all of these projects share another, more unwelcome characteristic: failing to impress the SEC. The commission has an infamous reputation for a lack of regulatory clarity, along with a hostile approach to cryptocurrency-based projects. 

The speed at which the SEC casts its all-important approval varies too, ranging from listless indecision to the explosive and unexpected decision to deny TON at the last minute. One reason that the SEC decided to clamp down on TON may well be due to the way Telegram planned to sell it. 

In February 2019, Telegram filed for a “Form D,” which is an application to sell a security with one crucial difference — applicants are not obliged to register with the SEC. Although, the Form D is not without its drawbacks. Applicants using this route need to be aware of the two possible exemptions for getting around an SEC registration: 506(b), the more prohibitive of the two, bars the applicant from advertising the security and restricts sales to accredited investors as well as 35 non-accredited investors. The SEC details the desired qualities of non-accredited investors: 

“Each purchaser who is not an accredited investor either alone or with his purchaser representative(s) has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment.”

Telegram, however, filed for the second option — 506(c). Under the requirements of this exemption, the security is permissible only if sold exclusively to accredited investors, while those applying for this exemption are allowed to advertise. 

Although the initial sales of Gram tokens would have been made to accredited investors in the initial token offering, the SEC is concerned that these holders might then resell the tokens. Consequently, the commission viewed this as a violation of 506(c): 

“Once Telegram delivers the Grams to the Initial Purchasers, they will be able to resell billions of Grams on the open market to the investing public. Telegram and/or its affiliates will facilitate these sales on digital-asset trading platforms. Once these resales occur, Telegram will have completed its unregistered offering with billions of Grams trading on multiple platforms to a dispersed group of investors.”

Chief market analyst at ThinkMarketsFX, Naeem Aslam, told Cointelegraph that he felt the regulations were clear enough, and supported the SEC’s decision: 

“I agree that the SEC doesn’t have everything clearly spelled out but there is a strong framework and if companies are breaking it then they should be held accountable.”

Nischal Shetty, founder of the India-based WazirX exchange, said that he believes Gram is a utility token rather than a security, but he remains positive about the SEC and Telegram coming to a workable solution: 

“SEC might probably have issues with the way Telegram probably represented these to potential investors. Nevertheless, I’m sure Telegram and the SEC will sort this out. The Crypto world needs scalable blockchain projects to launch soon for the next step of evolution and TON promises that.” 

New York Times tech reporter Nathaniel Popper’s Oct. 12 tweet drew attention to the venture capital companies that participated in Telegram’s $1.7 billion ICO:

“The SEC’s move to shut down Telegram’s crypto project raises questions about the big venture capital firms that gave it $1.7 billion and convinced themselves that it would pass regulatory muster. That includes Benchmark, Sequoia and Lightspeed.”

Telegram responds to investors

Although the SEC declaration of the $1.7 billion ICO as illegal may suggest that Telegram simply failed to follow the correct procedures, a TON letter to investors obtained by Cointelegraph states that the firm had been trying to get feedback from the SEC for the past 18 months:

“We were surprised and disappointed that the SEC chose to file the lawsuit under these circumstances, and we disagree with the SEC’s legal position.”

Following the red flag from the SEC, a private Telegram channel for TON investors also took action, citing increased regulatory uncertainty. The TON Board announced a temporary hiatus and deleted all previous posts on its Telegram channel, a space created by and for TON investors as well as for prospective holders of Grams. 

What do experts think about TON?

Telegram is a company that polarizes opinions. From its disagreements with governments to the secretive ways in which it carries out business, the company both enrages and inspires its audience in equal measure. Decentral Park Capital Senior Research Analyst Elias Simmos told Cointelegraph that when the project does finally launch, the shockwaves will be felt across the industry: 

“To put things in context, the Telegram messenger has more than 500x the active end-users of all the apps running currently on Ethereum. The technology architecture is impressive. On the flipside, it is so ambitious that there are many ways in which it could fail — some of which are failure to decentralize the network sufficiently, failing to attract developers etc. Either way, it is like nothing we have seen before — and it matters.”

WazirX’s Nischal Shetty also believes that TON is set to shake up the crypto space upon its launch, since Telegram is one of the most technically competent teams in the world, “They are also one of the most persistent team, they keep building and improving upon the product. TON has the potential to usher in a new and much needed positive push for the entire blockchain industry.” TON has a potential user base of 250 million once it gets the green light from regulators. Simmos said this could lead to it becoming the platform of choice for decentralized apps (DApps): 

“If interoperability plays out as intended, I think TON has a shot to becoming the de facto discovery platform for DeFi and other crypto native Dapps. The bot interface is ideal in abstracting away the complexity of blockchain back ends. It’s definitely too early to call for a ‘Netscape moment,’ but the potential is there.”

Value of TON

Regarding the potential price of the Gram cryptocurrency, Simmos explained to Cointelegraph that TON could help monetize the valuable Telegram platform while also providing both an attractive opportunity to run validators for investors and a resourceful public utility to the world: 

“By participating in the Gram private sale, investors effectively purchased the right to run validators on TON and access a stream of ledger fees, at an attractive price. As for the TON Foundation, with 10% of the Gram total supply under their control, at a price of $2 per Gram, this makes for a $1B coffer. The Telegram Messenger reportedly costs $1M a month to run. […] I see TON both as a play to monetise the messenger, but also as an effort to introduce a  public utility in the world; an operating system for payments technology and financial applications.” 

However, those estimations may be overstated, as Aslam told Cointelegraph regarding the indicative value range of $2.1 to $8.0 per Gram published by ATON Research: 

“Once a token starts trading on an exchange that’s when the conversation truly begins. For the time being sub $2 could be something that we’re really looking at. I think that would be something more justifiable. In terms of a range. I’m really looking at $1.5–1.8 rather than $2.1.”

In the last year, stablecoin projects have erupted across the industry, with Facebook’s Libra project also looking to launch soon. Regarding Telegram’s decision not to peg Gram to any particular fiat currency, eToro Senior Market Analyst Mati Greenspan told Cointelegraph that letting the market decide the price could pay off for the company: 

“It makes a lot of sense to let the market decide what the price should be. This way they don’t need to waste time and energy managing a reserve and will likely face less scrutiny from both regulators and users.”

ThinkMarketsFX’s Aslam said that although it is indeed a crypto project being launched by a large, reputable tech firm, it’s not possible to compare TON too closely with its competitors: 

“It’s very different because Libra backed by different currencies. That is at least what they are trying to do. Libra is a coin which has gathered enormous amounts of attention on the floors of the SEC, from the federal reserve bank, the european central bank. It’s not apple for apple in terms of comparison. It [TON] is still coming from a major firm introducing its own crypto so from that perspective it is a positive development from the market.”


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On the day the first Gram tokens were set for distribution to investors, here is what is known about the TON blockchain so far

Anchorage Becomes First Qualified Gram Custodian Ahead of Oct. 31 Launch

Anchorage Becomes First Qualified Gram Custodian Ahead of Oct. 31 Launch

Anchorage Trust Company, a wholly-owned subsidiary of California-based Anchor Labs, states that it became the first qualified custodian of Telegram’s Gram token

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Digital asset custodian of software firm Anchor Labs has stated that it became the first entity qualified to support institutional custody for Telegram’s Gram (GRM) token.

Gram to launch on Oct. 31

Anchorage Trust Company, a wholly-owned subsidiary of California-based Anchor Labs, will be the first entity that will enable institutional investors and organizations to hold Gram tokens at launch on Oct. 31, the company’s co-founder and president Diogo Monica announced on Oct. 7.

Not registered with the SEC

In the blog post, the firm stated that the services will be offered either through Anchorage Trust Company or Anchorage Hold that is registered as a Money Services Business. 

However, the firms are not registered with the United States Securities and Exchange Commission (SEC), Monica said, adding that the services initially will not be offered to New York residents.

Two options for buying Gram

Anchorage Trust CEO described two major options for acquiring Gram tokens. According to Monica, investors will be able to purchase existing Grams on the open market as well as new Grams from the Telegram Open Network (TON) Reserve. 

These two markets are designed to counterbalance each other and stabilize both the price and supply of Grams, the exec noted.

Citing the TON white paper, the firm also stated that the TON Reserve “will incrementally increase the price of new Grams with every Gram sold,” following an “exponentially increasing function.” 

The first Gram will be priced at $0.1 and every subsequent Gram will be sold for one billionth more than the previous one, the company added.

Meanwhile, TON network is scheduled for launch in late October, as was officially announced by Telegram on Oct. 2. 

According to the announcement, investors will be required to provide Telegram with a public key generated via specialized software to receive their Grams by Oct. 16. 

In late September, Telegram released a wallet for Gram token in the app’s alpha version for iOS.


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Anchorage Trust Company, a wholly-owned subsidiary of California-based Anchor Labs, states that it became the first qualified custodian of Telegram’s Gram token

Gram Asia to Sell Gram Tokens at Three Times ICO Price

Gram Asia to Sell Gram Tokens at Three Times ICO Price

The largest Asian holder of Telegram’s Gram token will sell some of them for three times the ICO price on July 10

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South Korea’s Gram Asia is selling rights to its Gram holdings at $4.00 per token starting July 10, according to a report by Bloomberg on July 3

The proposed sale price is triple the original $1.33 sale price at Gram’s second initial coin offering (ICO) round in March 2018.

The sale on July 10 is apparently happening exclusively through Japanese cryptocurrency exchange Liquid, as per its website. Liquid also hosted the Gram ICO in March, at which time Telegram raised $850 million, bringing its total valuation up to $1.7 billion. 

Citing an email from the exchange, Bloomberg reports that users who buy Gram with the exchange’s native token, QASH, will get a $0.50 discount per token.

Gram is the yet-to-be-released native token for the Telegram Open Network (TON), a decentralized network project by the open source, encrypted messenger app Telegram. The service, used by over 200 million people, is planning to launch its Gram tokens by the end of Q3 2019.

As previously reported by Cointelegraph, Gram Asia is the largest holder of the Gram token in Asia. Additionally, the exchange Liquid apparently has a deal with Gram Asia, but not Telegram. Liquid has further hinted at being an incubator for TON.

Liquid CEO Mike Kayamori pointed to the 200 million people using Telegram as providing an attractive platform for decentralized app developers:

“If you are a distributed app vendor,  would you want to be listed on top of Ethereum? or EOS? Or do you want to be built on top of TON? Ethereum is great. It is a gold standard of ICO. EOS is decentralized and good but who has 200 million active users already? […] The TON network app vendors building their applications on it, when it integrates into Telegram, that is going to be special.”


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The largest Asian holder of Telegram’s Gram token will sell some of them for three times the ICO price on July 10