Editor's Note: This article comes fromFinancial Network, Author: LornaQ, reproduced by Odaily with authorization.
, Author: LornaQ, reproduced by Odaily with authorization.
Telegram token Gram circulates on unauthorized cryptocurrency exchanges and over-the-counter markets. According to a Coindesk report, an early Gram investor revealed that Telegram had signed a purchase agreement with early investors, which stipulated that early Gram investors were not allowed to directly or indirectly provide, pledge, sell, transfer Sell or trade Grams. It is reported that the purchase agreement was drafted by the US law firm Skadden, Arps, Slate, Meagher & Flom LLP and has legal effect.
“Telegram is the first project where early investors are legally prohibited from selling their shares,” several early investors told Coindesk.
According to the purchase agreement, investors need to abide by the rules. Once Telegram finds that an investor violates the agreement, it has the right not to recognize the investor's subscription share. In other words, retail investors who buy Gram tokens on OTC or unauthorized exchanges may be at risk. If Telegram finds that early investors resold Gram in violation of the agreement, then Telegram has the right not to recognize purchases on OTC unauthorized exchanges. The currency held by Gram investors, that is, the value of the currency held may become zero.
From January 29 to February 13, 2018, the encrypted instant messaging application Telegram completed the first round of ICO financing, and then completed the second round of ICO financing on March 14, raising US$850 million. Telegram’s two rounds of ICO raised a total of US$1.7 billion. According to its white paper, the funds raised from the ICO will be used to support the development of Telegram communication applications and launch the blockchain platform “Telegram Open Network”. It is reported that Telegram will launch the Telegram Open Network (TON) network in the third quarter of 2019.
Additionally, the token gram sold for $0.38 in the first round, while the token price rose from $1.10 to $1.45 in the second ICO round, RBC reported.
The GRAM/USDT trading pair on BitForex has an online price of 0.5 USDT, the highest price has risen to 3.3 USDT, and the current price is 2.1 USDT.
Gram／USDT
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Since the main network has not yet been launched, the Gram tokens sold in the market are all futures, some of which are sold by the trading platform in cooperation with TON investors, while others are resold after the trading platform purchases itself. For example, Lbank launched Gram in March 2018, and promised to exchange the main network currency Gram at a ratio of 1:1 after the launch of the TON main network; CoinBene sold 625,000 Gram, and the withdrawal time will be determined after the main network launch. BitForex Bifu will sell 1 million gram in the form of IOU, and the withdrawal time will be at 24:00 (GMT 8) on the fifth day of the mainnet launch.
Under normal circumstances, when the number of circulating tokens is insufficient but the market demand is high, the exchange will actively form an internal market. The exchange sells the user an expected currency holding certificate, promising to buy this currency to meet the user's withdrawal needs. However, due to the centralization of exchanges and the opacity of data, it is difficult to verify the authenticity of these certificates.
