Telegram, a cloud messaging service with over 200 million users, announced its Telegram Blockchain Network (TON) in early 2018. It conducted the sale of its’ cryptocurrency – Gram through a private ICO in February and March 2018. The SAFT (Simple Agreement for Future Tokens) sale, which was only sold to accredited investors. The deal brought in about $1.7 billion.
Gram tokens were sold at a price of around $1.33 and $0.67 initially in the private ICO. A year later, as reported on Coingape, South Korea’s Gram Asia, the largest holder of Telegrams’ cryptocurrency sold it through the Japanese Liquid exchange. Reportedly, this time, each token was sold at $4 a price; generating about 200% profit for its’ investors.
Investors Selling Their Tokens Early
“Many of the buyers will end up with nothing when the network is launched,”
Does Telegram have Anything to Show for its $1.7 billion Investment?
TON is expected to go live by the end of Q3 of 2019. Nevertheless, until now, no development has been witnessed around it. The only positive development around it was the Testnet launch earlier this year.
Francis Pouliot, a leading Entrepreneur in the space and Founder of BullBitcoin noted,
Where are the 1.7 billion dollars of the Telegram ICO? Afaik all they have to show for their 1,700,000,000$ of financing is this and as far as I can tell nobody seems to give a shit
Greedy anti-Bitcoin Maximalist “blockchain/token/altcoins” professionals are the root problem
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Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com