Ever since the record-breaking $1.7 billion ICO of last year, messaging app Telegram has started breaking its silence on the Telegram Open Network (TON) blockchain, finally officially linking itself to the project set to launch on October 31. More so, the first qualified Gram custodian will be Anchorage, a member of Facebook’s Libra Association.
Up until now, Telegram, the messaging app, has understandably been strongly linked to TON, its token Gram, and the entire blockchain project. However, it was only this week that a mention of the project was made in the form of terms of service for the token’s wallet app.
The document outlines how the wallet will be integrated into the messaging app and be available as a standalone product. However, it also spelled out that Telegram has no control over the blockchain network.
“We have no control over the TON Blockchain network and therefore cannot ensure that any transaction details that you submit via the Services will be validated and confirmed on the TON Blockchain,” the document reads.
As news continues to filter out about the ever-encroaching launch of the TON blockchain and its native token, it has also been announced that Anchorage will be one of the first to get their hands on the token.
Anchorage will be the first entity that will enable institutional investors and organizations to hold Gram tokens from October 31, according to the company’s co-founder and president Diogo Monica.
Anchorage has had a wild ride to the top. The startup has only been in business for three years, but in that time has made some key partnerships with not only Facebook and its Libra project but also Visa, and now Telegram and its highly-anticipated blockchain project.
The custody offering from Anchorage means there are two options for buying the Gram token. Investors will be able to purchase existing Grams on the open market as well as new Grams from the TON Reserve. The first Gram will be priced at $0.10, and every subsequent Gram will be sold for one-billionth more than the previous one.
The marriage between messaging apps and cryptocurrencies has come to the fore of late with Telegram one of the first to make big headlines by entering the space, but others have followed suit.
In Japan, their major messaging app LINE has been pioneering the use of blockchain and cryptocurrency with the creation of their own main net, a cryptocurrency exchange, as well as some key partnerships of late.
It will be interesting to see how Telegram plans to integrate and use cryptocurrency through its messaging app as although their creation of this product has been widely reported upon, the facts and figures surrounding this launch have been fairly sparse.