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Crypto loans firm Nexo said they will accept the Gram ICO token from Telegram as collateral allowing customers to use the tokens as backing for its instant credit lines and planned credit card.
Launched in April 2018, backed and advised by TechCrunch founder Michael Arrington, crypto loans firm Nexo announced that they will accept the Gram ICO token from Telegram as collateral. Trouble is, the tokens may not be available for some time because the Gram token sale is still under question.
Let’s just remind you, at first we had information that Telegram’s unreleased Gram tokens are set for sale to the public at a price three times of its private placement. Then, the source from Telegram said they’ve never heard of Gram Asia who allegedly offered to sell rights to the Telegram’s Gram tokens it holds, at $4 apiece in a sale beginning July 10.
It is still not known why the whole story would be hidden under the veil of mystery and why no one answers media questions.
From Coindesk they published that Nexo said that, once tokens have been received following the first public sale of gram tokens through the Liquid exchange platform, kicking off on July 10, it will allow customers to use the tokens as backing for its instant credit lines and planned credit card.
However, as we previously wrote, it is still not sure if this is a big bluff because on June 11 Liquid announced that it would be hosting the sale. Our source, however, said that there is no relationship between the two entities. The source further said that the June 11 press release was the first time they had heard of Gram Asia. Liquid confirmed that Telegram is not associated with the gram offering.
Nexo told CoinDesk:
“If the mainnet launches, users would be able to claim their tokens at launch and immediately leverage them to borrow from Nexo, or to spend via our upcoming credit card.”
Let’s just repeat that truth or not, the Gram token sale has been highly anticipated by the public markets and let’s just remind you that Liquid had hosted its own Qash token sale successfully in 2017, selling out 350 million Qash tokens, equivalent to US$105 million, in just three days.
According to the company, all Gram token sale participants on Liquid will need to have a verified and funded Liquid account in order to qualify for the offering. Minimum electronic verification requirements to participate in the Gram token sale include submitting a government ID and a selfie. All documents can be submitted online on Liquid, with the assistance of a 24/7 live chat team.
However, this bluffing, and lying from all of the companies involved, are the reason why ICOs got their bad reputation in the first place. Good luck to all but with this kind of reporting, it’s hardly likely that investors will put their money on it.