Telegram

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Telegram
Telegram Messenger.jpg
Founded August 14, 2013
Headquarters Dubai, UAE
Key People Pavel Durov, Andrei Soldatov
Products Telegram messenger app
Twitter @telegram
Website telegram.org

Telegram is a messaging platform based in Dubai. It was originally developed in St. Petersburg, Russia, but the team moved to Dubai due to issues with Russian IT privacy policy.[1]

It is considered the preferred messaging platform by individuals in the cryptocurrency space, mostly due to its commitment to privacy and well regarded security.[2]

Telegram ICO

In 2018, Telegram raised $1.7 billion in four months through an initial coin offering. The aim of the ICO was to raise funds for the creation of the Telegram Open Network (TON), a digital network that would allow users of Telegram to send payments across international borders. Promotional materials for the ICO said that 5 billion Grams, TON's native coin, will initially be released to users once the network goes live. Investors would be paid $0.37 per token, according to the document. The developers of TON reportedly worked with the Wall Street law firm Skadden, Arps, Slate, Meagher & Flom. Some of TON's initial investors include the Silicon Valley firms Benchmark, Sequoia Capital, and Kleiner Perkins.[3]

In February 2019, Telegram sent a message to its investors saying that the network was 90 percent done and that it hoped to have some version of the system out within a few months.[4]

On July 10, 2019, Liquid, a Japanese cryptocurrency trading platform (CTP), launched a forward sale of Grams on behalf of Gram Asia. According to TechCrunch, Telegram itself does not appear to have been involved directly in the sale. Liquid's website said the Grams would be released to purchasers once TON is completed and operational, a date that was then forecasted to be for the end of October 2019, and that tokens would be released in four equal tranches to buyers over the subsequent 18 months. Gram Asia is reportedly the largest holder of Grams.[5] Liquid excluded residents from Japan, South Korea, the United States, and other countries from the sale. The sale closed at 11:30 PM UTC. The TON mainnet is expected to be launched on October 31, 2019.[6]

Secondary market

Investors in the TON blockchain were legally prohibited via user agreement from selling their allocations, an unusual clause for an ICO. Despite the restriction from "directly or indirectly" selling, trading, or swapping Gram tokens, some investors began trading them on unauthorized secondary markets as early as February 2018. Some companies began offering potential customers large buy-ins of Gram via investment vehicles. ATON, an asset management and investment banking company based in Moscow, was one such company. ATON created an investment vehicle called the New Technology Fund SPC Limited, which was structured as a segregated portfolio company (SPC) and registered in the British Virgin Islands. The New Technology Fund SPC Ltd. was specifically created for investment in Gram tokens but is not available to investors in the U.S. or Japan. Although ATON claimed that the company had permission from Telegram to offer the product, this claim is unconfirmed by representatives of Telegram.[7]

References