In 2018, Telegram had one of the largest ICOs ever but it was only available to private investors. Now, the messaging app’s tokens will be sold its tokens in a public sale.
Last year, Telegram raised $1.7B in a two-part ICO only available to accredited investors. The entire ordeal was shrouded in mystery, with some criticizing that Telegram had raised far too much than even remotely necessary.
Well, it now it looks like things are being taken it a step further by opening their ICO to the public. TechCrunch is reporting that the token will be sold on the Liquid exchange starting on July 10th.
How much is expected to be raised from these proceeds is still uncertain? The cost per token is still yet to be announced.
Not Held by Telegram?
There’s a catch to all this: Telegram is apparently not even conducting the ICO. Instead, the sale is being conducted by Gram Asia which is the entity with the largest number of Telegram tokens.
The proceeds of 2018’s ICO were said to go towards developing the Telegram Open Network (TON). The purpose would be from file sharing to messaging to on-chain transactions.
The new ICO will be available to all investors globally although excludes some nations, like the United States. This is due to fears of the token being considered a security token by some jurisdictions.
It is also important to note that the tokens will not be immediately transferrable upon being sold to the public.
“The tokens being sold will not be released until after TON goes live (mainnet release), in accordance with the delivery schedule. Purchasers will not be able to transfer, withdraw, or trade the Grams before they are released.”
The tokens can be purchased in either U.S. dollars or the USDC stablecoin. The full launch of the token is expected to take place sometime in October.
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Image courtesy of Fortune.