According to the New York Times reported on August 29, Telegram plans to launch the "first batch" of tokens in the next two months.
In addition, the New York Times pointed out that Telegram must launch cryptocurrency by October 31, otherwise the $1.7 billion previously raised by investors such as Benchmark and Sequoia Capital will be recovered.
In response, the New York Times said that Telegram is working hard to introduce cryptocurrency. The media, through a review of legal documents, found that the “deadline” of October 31 did. The SEC report shows that Telegram is also accelerating the ICO process of the cryptocurrency GRAM as much as possible.
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However, when GRAM finally goes online, what is its market value? Informed sources revealed to Crypto Briefing that in October this year, with the launch of Telegram's main network TON, there will initially be 640 million GRAMs circulating in the market.
Data analysis company ATON Research published a report on TON earlier this year. The company said that in the second round of private placement financing, a GRAM was worth $1.33. At this price, the market value of GRAM will reach approximately $851 million. This will make it the 16th largest cryptocurrency, $120 million higher than Dash.
However, those familiar with the cryptocurrency fundraising process should know that the cemetery price and private placement price of the token are still very different. In early July of this year, Liquid, a cryptocurrency exchange that participated in GRAM private placement, sold GRAM to retail investors at a price of $4 per investor, which is 200% higher than the price of their private placement.
According to Crypto Briefing, the best indicator of the market value of GRAM may come from its derivatives. According to Crypto Briefing, on March 12 this year, Xena, a London-based cryptocurrency exchange, launched a GRAM perpetual contract product, XGRAM, with a leverage of up to 100 times.
Currently XGRAM is changing hands at the price of 2.7 USDT on the Xena exchange. If you base $2.7, then the expected market value of GRAM will be around $1.72 billion. Based on this market value, GRAM will become the world's tenth largest cryptocurrency, which will exceed the current market capitalization of XLM ($1.2 billion).
GRAM is a trading tool within the TON network. According to the New York Times, this is a completely decentralized network that can bypass government regulation and review. Unlike Facebook's Libra, GRAM is not tied to fiat money, which means that the value of GRAM will be completely determined by the free market.
Telegram has promised to issue GRAM by October 31 or refund the investor. According to The Times, the company plans to release GRAM digital wallets to Telegram's original 300 million users before the token is issued.
However, due to many early investors being restricted by the lock-up period, GRAM tokens may not be immediately on the exchange. This means that the price of GRAM will remain stable for some time after the release.
Telegram plans to gradually introduce more tokens to the market in 18 months, bringing the supply of tokens to 3.2 billion.
ATON Research's report emphasizes that approximately 700 million GRAMs are used for Telegram team and ecosystem development. If the price of the 700 million tokens remains unchanged after the issue, the market value of GRAM may be close to $10 billion, slightly lower than XRP.
But it also depends on whether the price of GRAM can remain stable, and the issuance of new coins will often cause certain inflation effects in the market.
Translator | Wang Ye
Produced by Odaily Planet Daily
This article was translated from https://cryptobriefing.com/gram-tokens-telegram/ . Please indicate the source if you reprint.