The Delay Of The Telegram Open Network Launch Forces Investors Selling Gram Tokens
Investors in the Telegram Open Network (TON) ICO campaign get rid of project tokens by selling them on the secondary market. There are several OTC platforms, cryptocurrency exchanges, and at least one investment fund among sellers.
The Gram token rate ranges between $ 1.60 and $ 2.00 on the secondary market. The benefit is obvious for sellers, given that during the first and second round, the cost of Gram was $ 0.37 and $ 1.33, respectively.
In particular, the Japanese crypto exchange Liquid, which sold Gram in July, set a price of $ 4 per token. Customers are expected to receive Gram in several tranches 3, 6, 12 and 18 months after the launch of the network.
Moreover, in accordance with the agreement, investors of the TON ICO campaign are prohibited from selling or transferring tokens in any other way until the network officially launches. Violation of this condition may lead to the cancellation of allocation, that is, buyers in the secondary market risk not seeing the purchased tokens.
Representatives of Gram Asia could not explain their actions in the event of cancellation of the allocation. In turn, the head of business development of the parent company Liquid Quoine, Seth Melamed, said that a guarantor was involved in the sale of Gram tokens in the secondary market, and Gram Asia would not receive payment until it provided the tokens. Bitforex, a small Chinese platform, has offered tokens debt receipts.
Experts explain the motivation of sellers to the uncertainty that arose because of the alleged delays in the launch of TON. Initially, the full launch of TON and the Gram wallet was planned for the fourth quarter of 2018. According to the latest statement by the developers, the launch of the project should take place no later than October 31.
Thus, a number of funds may seek to exit the Gram with minimal benefit. However, according to one investor, large institutional players like Sequoia and Lightspeed do not want to sell, but rather build up their long-term positions.
The lack of response of the Telegram team to this situation can be explained by its employment in anticipation of the launch of the project.
Recall that the first tokensale of Gram was announced in February 2018 for major investors. In June, an informed source said that Liquid’s intention to sell Gram tokens has nothing to do with Telegram’s official plans.