Telegram Open Network Proceeded to Closed Testing Stage

Liquid Crypto Exchange To Host Telegram Public Token Sale

 
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The much-anticipated sale of Telegram GRAM tokens will be hosted by the global cryptocurrency platform Liquid, according to a press statement. The exchange has confirmed this news on their official Twitter account as well.

Gram, a token of Telegram Open Network (TON), will be available for sale prior to the October launch. The token sale is expected to start on July 10th 2019, 8AM UTC. All interested parties will be enabled to purchase Gram tokens on Liquid exchange with USD and USDC currencies. Currently, neither the price nor the amount of tokens available for sale are being revealed.

Interestingly, Telegram is not selling its tokens, but it is actually Gram Asia, the largest holder of Telegram’s Gram tokens in Asia, using Liquid platform to sell a portion of their Gram tokens.

“We are excited to be partnering with Gram Asia to launch the Gram token sale, which is wonderful news to our community who are native users of Telegram. We share the vision for a more secure and open value transfer system in order to enable the mainstream adoption of cryptocurrencies,” said Mike Kayamori, co-founder and CEO of Liquid.

To this end, Liquid will develop TON-compatible wallets integrated into their platform. Interested parties will have to register, verify and fund their Liquid accounts in order to take part in the sale. The public mainnet launch of the TON Blockchain, a decentralized network being developed by Telegram messaging app, is expected to happen before October 31st, 2019.

“TON Blockchain infrastructure can help enhance Telegram’s current capabilities as a peer to peer network of value, with the launch of their cryptocurrency light wallets for Telegram’s highly engaged user base,” added Kayamori.

In February last year, it was announced that Telegram raised an initial $850 million in the pre-ICO sale, designed to raise funds for “the development of the TON Blockchain, the development and maintenance of Telegram Messenger and the other purposes.” The demand for the GRAM token was so high, that Telegram’s management team raised the first milestone from the initial $600 million to $850 million.

Only three months later, the WSJ reported that the messaging platform cancelled ICO after it had raised mind-blowing $1.7 billion, more than enough to continue the development of the TON blockchain.

Liquid’s rapid rise

Two months ago, Liquid announced it had successfully completed a Series C funding. The Japanese exchange was founded in 2014 when it managed to raise $1 million from private investors. Since then, the company has raised more than $20 million from private investors, such as JAFCO, SBI, B Dash Ventures, Mistletoe, and ULS Group, before raising more than $100 million in initial coin offering.

Moreover, Liquid became the first global cryptocurrency exchange to be officially licensed by the Japan Financial Services Agency (FSA), months before hosting the token sale of Qash – Liquid’s native token.

The latest funding series values Liquid at more than $1 billion, according to the company. IDG Capital, an investment firm that manages more than $20 billion in assets, led the funding series. Interestingly, the world’s largest maker of cryptocurrency mining rigs, Bitmain Technologies, also took part in the fundraising campaign.

“Japan is one of the leading nations in putting crypto industry under proper regulations, and Liquid Group has proven itself to be the exemplary player within such compliant rules,” said Bitmain Co-founder Jihan Wu.

It’s no surprise that Liquid managed to beat off strong competition from other major cryptocurrency exchanges and land the Telegram token sale. After the Series C funding, CEO Kayamori said that “funding from our two highly respected investors, IDG Capital and Bitmain, puts us in an incredibly strong position to make a global impact in 2019.”

Although Liquid managed to exceed $50 billion in transaction volume in late 2017 and first part of 2018, the exchange continues to aggressively attack major market opportunities.

In only a few weeks’ time from April to the end of May, Liquid made three important steps towards becoming one of the world’s largest cryptocurrency platforms. First, it launched Liquid Infinity, a leveraged Bitcoin Contract-for-Difference (CFD) product, which will allow traders to speculate on the price movements of Bitcoin against the Japanese Yen and the US Dollar.

“We saw a rising market demand for Bitcoin CFD products with appetite for higher leverage, which led to the development and launch of Liquid Infinity,” said Mario Gomez Lozada, Chief Product Officer of Liquid.

Only a few leeks later, Liquid unveiled its new mobile app, Liquid Pro, available on both Google Play Store and App Store. It enables its users to place trades and use charting capabilities optimized for mobile devices, including trading indicators such as Relative Strength Index (RSI), Bollinger bands, Simple Moving Average (SMA) and Exponential Moving Average (EMA).

Finally, Liquid made a big step towards global market when it announced the creation of a jointly-owned entity – Liquid Financial USA Inc – together with Virtual Currency Partners (VCP), a group of investors and entrepreneurs investing in the fintech and cryptocurrency industries. The exchange plans to enter the US market through its subsidiary Liquid Group Inc.