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 A look at everything you need to know before taking the plunge into GRAM!


Who hasn’t heard of Telegram? With over 250M users, chances are that you have used this app, or seen it or at the very least heard of this blockbuster blockchain project. Back in the hey-days of 2017 (where transport was in lamborghinis and the moon was often looked at), Telegram conducted a private token sale to accredited investors and raised a total of $1.7 billion, according to InWara’s Market Intelligence Platform.Who bought these tokens? The majority of the tokens that were sold were purchased by Gram Asia. 

So what’s the deal? Gram Asia is selling its tokens through an IEO on Liquid, the highly acclaimed Japan-based crypto-exchange.

One of the most interesting insights into this saga is that a source close to Telegram purportedly told a news reporter that the two entities, Gram Asia and Telegram are not related whatsoever and they had never heard of Gram Asia before June 11, when Liquid announced that it’ll be conducting the telegram sale. This rings untrue given that the original sale was a private placement!

 

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Back in 2017, it was believed there would be no public phase of the token sale, but the largest GRAM token holder has decided to offer tokens just to Liquid users. Does this mean the average Joe can create a secondary IEO for all the tokens they hold? Doesn’t seem plausible! Surprisingly enough, as reported by Cointelegraph, it seems that Gram Asia may not possess the legal rights to transfer its ownership of GRAM tokens.

Another original Telegram investor commented that nobody had the rights to re-sell GRAM tokens before Telegram released their mainnet of TON in October of this year. As per the token purchase contract created in 2017 the buyer of tokens is restricted to: “ENTER INTO ANY swap or other AGREEMENT THAT TRANSFERS, in whole or in part, ANY OF THE ECONOMIC CONSEQUENCES OF OWNERSHIP OF THE INVESTMENT CONTRACT represented by this Purchase Agreement or any Tokens.”

Neither surprising, nor comforting - but that’s rather common in this space! To cap it all off, in a public statement, Gram Asia’s CEO reported that they support the TON ecosystem and will continue to be supporters of the network as an Incubator, Node, Liquidity and Payment partner.

 

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Some details of the sale? The sale is now live, with bonus rates of 25% for the Liquid native QASH holders. The requirements for participating in the public sale of the GRAM token are strange! The currencies accepted are only USD & USDC (a stablecoin pegged to the USD) and to cap it off, the GRAM token will not be tradeable post the sale, but instead they will be held in stablecoin USDC in escrow until October (like the original contract stipulated)

In a non-IEO (clearly, not initial!), non-ICO public sale, Liquid is creating a way for Gram Asia to liquidate their tokens and make a handsome profit with the significant trade volumes that can be expected from the massive name of Telegram. Interestingly, the GRAM token wasn’t listed on Liquid and was the public sale necessary to list GRAM on the exchange? Or are we seeing a collusion of promoter and exchange to pump the token and offer the ‘best’ deal to Gram Asia?

 

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Liquid’s take on the GRAM public sale and IEOs

Mike Kayamori, CEO of Liquid described the exclusive deal between Gram Asia and Liquid as a “natural” development. He further claimed that Liquid was the “pioneer of initial exchange offering” (IEO).

When questioned about the timing of the sale, Kayamori explained that Gram Asia was making “conscious efforts to try to expand that ecosystem prior to having it listed.” He also added (the rather obvious), “I think they wanted to wait until the testnet happens.”

What does Gram Asia have to gain?

The sale price in this public sale is 3 times the original sale price of $1.33 per GRAM in telegram’s ICO round! The public sale starts at $4 per GRAM which is a cool 200% on the ICO investment for Gram Asia.

 

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There are many questions here left to the reader and few answers forthcoming. Despite queries to multiple executive of Liquid by InWara, there was no response. As with all crypto, do your own research, but there seems to be ‘more-than-what-meets-the-eye’ in this public sale.

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