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Upcoming Telegram Sale’s Plot Thickens - Gram Asia May Not Have The Right To Sell GRAM Tokens

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The GRAM token sale is scheduled to start on the 10th of July on Liquid exchange. The tokens will be sold by South Korea’s Gram Asia in the form of rights to own the tokens.

However, as reported by Cointelegraph, it seems that the largest holder of GRAM tokens may not have the legal rights to transfer its ownership of the tokens.

Another Telegram investor commented that nobody has the rights to re-sell GRAM tokens before they’re launched in Q3 2019, as per the token purchase contract. The purchase contract restricts the buyer 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.”

The sale price in this sale is almost 3 times the original sale price of $1.33 per GRAM in telegram’s ICO round held in March 2019, according to InWara’s market intelligence platform.

 

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Users who use Liquid’s native token stand to get a $0.50 discount per GRAM token.

A source close to telegram told cointelegraph that the two entities, Gram Asia and Telegram are not related whatsoever. In fact, they had never heard of Gram Asia before June 11, when Liquid announced that it’ll be conducting the telegram sale.

Gram is the yet-to-be-released native token for the Telegram Open Network (TON), a decentralized network project by the open source, encrypted messenger app Telegram. The service, used by over 200 million people, is planning to launch its Gram tokens by the end of Q3 2019.

Have a look at the most comprehensive Blockchain Landscape report for 2019.

 

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