As Telegram is at loggerheads with the U.S. SEC, it has delayed the launch of its new network for the second time. Now it will pay U.S. investors 72% of their inputs, while non-U.S. investors may wait for a year and receive either Grams or 110%.
Telegram investors and developers created a foundation within the TON ecosystem to defend the project from the SEC. The TON Foundation participants, not Durov brothers, will manage funds and code.
In the latest post, the Blockchain Association opposed the SEC’s stand on blocking the launch of the Telegram Open Network. The Association has further criticized the regulatory for not maintaining clarity for a long time on blockchain and cryptocurrency rules.
Telegram asked the New York Southern District Court to dismiss accusations by the SEC that its GRAM token is a security.
The Gram token investors voted against refund and are willing to wait until the next SEC hearing in February 2020.
Telegram has developed a wallet for its Gram cryptocurrency. Currently, the wallet is available in the alpha version of the Telegram messenger for iOS and functions in the TON testnet.
When Telegram launches its blockchain, the go-to marketplace for the new gram tokens could be a fledgling exchange with fewer than 4,000 users. At least, that’s what Blackmoon Crypto is hoping.
Liquid disclosed the public blockchain wallet address that has funds from Telegram’s Gram token sale, stating the funds will remain in cold storage until the release and delivery of the assets by Gram Asia.
After raising more than $1 billion in one of the most successful ICOs in the crypto sector, Telegram is now ready to launch its Gram tokens by October. Button Wallet has also announced it will facilitate trading of the tokens.
Telegram has yet to publicly or formally acknowledge the project, but investors in last year’s $1.7 billion token offering, widely publicized in the press, are selling their gram allocations via OTC desks, exchanges and special-purpose vehicles.