- Messaging platform, Telegram, has pushed the launch of its Gram token by one year.
- The token was initially scheduled to launch last October.
- The launch is postponed due to the firm’s ongoing lawsuit with the US Securities and Commission Exchange.
Messaging giant Telegram has postponed the launch of its token, Gram, by one year. According to a CoinDesk report, the firm has reached out to all TON (Telegram Open Network) investors and offered them two options – receive a return of 72% of their initial investment or they can support the postponement of the token launch till April 2021.
The Gram token was initially scheduled to launch last October, but the company had to push it to April 2020 due to its ongoing lawsuit with the US Securities and Commission Exchange (SEC). Gram investors received a similar offer from Telegram back then as well.
Telegram is offering an alternative lending deal to investors who want to continue supporting the token. An excerpt from Telegram’s letter stated:
As a token of gratitude for your trust in TON, we are also offering you an alternative option to receive 110% of your original investment by April 30, 2021, which is 53% higher than the Termination Amount.
The postponement of the token is the result of the intense pressure put forth by the SEC. Last year, the Commission halted the sale of Gram, claiming that Telegram was conducting an “illegal sale” of its tokens and allegedly violating security laws. Last month, a US judge ruled that Telegram cannot issue Gram tokens until its case with the SEC is resolved.
In its letter to investors, Telegram revealed that it is “continuing to engage in discussions with the relevant authorities” and assured that investors would receive “Grams or potentially another cryptocurrency on the same terms as those in their original Purchase Agreements.” The letter clarified that Telegram is committed to paying the investors in company equities if it fails to obtain the required permission and launch TON.
With more than 400 million users, Telegram believes its “equity value will exceed the aggregate amount of its potential debt resulting from this offer by at least several times.”
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