Nexo announced that when the GRAM tokens are received on Nexo’s exchange platform from the first public sale of Telegram’s ICO, customers will be able to use the tokens as backing for its instant credit lines and planned credit card.
The limited Gram sale will be done via Gram Asia’s, a Korean firm that is the largest holder of Gram tokens gotten through Telegram, multi-stage ICO in 2018. The token sale earned a significant amount of $1.7 billion in two phases, which holds the record for the highest amount raised via an ICO.
Sale price and other details
Funds from the ICO will be used to develop the Telegram Open Network (TON). It is an ambitious blockchain project meant to decentralize multiple facets of digital communication, spanning from file sharing to browsing to transactions.
With reference from indicators, the Gram will be sold on the Liquid exchange for $4 each. The U.S. dollar and USDC stablecoin will be accepted for purchases.
With time, users will be able to make use of the Gram tokens to back Nexo’s loans, this is because the tokens will not be released immediately to investors. Interested customers will have to wait till the TON launch, then the tokens will be paid out in four tranches over 18 months. TON is scheduled to go live in Q3 2019, the representative said.
The token has the potential to become one of the largest cryptocurrencies by market cap if it claims a wider public offering.