Cryptocurrency company Nexo accepts Telegram's tokens as collateral
The cryptocurrency lending company Nexo has announced that it will accept tokens from the Telegram ICO project as collateral. However, the challenge is that these tokens may not be usable temporarily.
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After the official public sale of Gram tokens on Liquid exchange on July 10th, once customers receive the tokens, they will be able to use them as instant credit and plan credit cards.
In 2018, Gram tokens were initially issued in a limited capacity to the public, with the majority of funding provided through a multi-stage ICO on Telegram by Gram Asia (a South Korean company claiming to be the largest holder of Gram tokens). A total of up to $1.7 billion was raised through the two-stage ICO. Liquid informed CoinDesk that Telegram's involvement with Gram tokens is unrelated.
According to reports, the ICO project was primarily for the development of the Telegram Open Network (TON), aimed at decentralizing various aspects of digital communication, from file sharing to browsing and eventually transactions.
Liquid exchange indicated that Gram tokens will be sold at a starting price of $4 each. Both USD and USDC stablecoins can be used for purchase. However, it may take some time for the tokens to be physically delivered to users and used as collateral for Nexo loans. New holders will have to wait for the TON launch, with Gram tokens being paid out in four installments over 18 months.
Nexo stated:
If the mainnet is launched, users can declare their Gram token holdings and use them to borrow from Nexo or spend with our upcoming credit card.
According to Nexo's official statement, TON is expected to go live in the third quarter of 2019. If Gram tokens receive more public offerings, they could potentially "become one of the most valuable cryptocurrencies," and the full launch of the TON network will further drive the development of Gram tokens.
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