At Liquid, we believe in helping build a safe and liquid crypto market ecosystem for all with trusted partners. We have partnered with Gram Asia to launch the first public Gram Token Sale on a secure, pro-regulation platform. This statement seeks to address questions from the media and community on the Gram Token Sale.
Keeping our customers’ funds safe
We are as concerned as anyone about potential scams, which is why we always conduct thorough due diligence on any entity we choose to work with. Gram Asia is a strong community backer of the Telegram Open Network (TON) ecosystem and a trusted partner of Liquid.
As many of our customers are aware, we were the first global exchange to be regulated in Japan. Our regulation-friendly stance means that we take customer protection extremely seriously. In order to live up to this standard, we have fully assessed potential legal, technological and operational risks in carrying out the Gram Token Sale and have structured the sale to ensure that our customers’ funds remain safe at all times.
Our commitment to participant protections in the Gram Token Sale
A key aspect of the Gram Token Sale is that all customers’ funds will be held in escrow in a publicly verifiable, segregated blockchain wallet until the Gram tokens are delivered by the seller, Gram Asia.
When the Gram Token Sale begins on July 10, verified Liquid customers in eligible countries will be able to place pre-orders for Grams with USD and USDC only (exclusive rebates will be available for QASH holders). Pre-orders made in USD will be converted to USDC and all customer funds will be held in USDC in a segregated wallet to which Gram Asia does not hold a private key.
The actual delivery of the Gram tokens will follow the scheduled 18-month release cycle implemented by Telegram that commences upon the launch of the Gram mainnet, such that 25% of the tokens will be released 3, 6, 12 and 18 months after mainnet launch. The current estimate of mainnet launch is 31st October, with the first release of Gram tokens estimated to occur in January 2020.
On each scheduled delivery date, Gram Asia will deliver the applicable amount of Gram tokens to a wallet managed by Liquid. Once Liquid has received the Gram tokens, Liquid will credit the Gram tokens to Liquid customers’ accounts and deliver the applicable portion of the USDC funds to Gram Asia.
In the unlikely event that Gram Asia is unable to meet its obligations to deliver the Gram tokens for any reason, customers will be refunded in full in USDC.
From the start of the Gram Token Sale until each delivery date, the number of Gram tokens pre-ordered by Liquid customers will be reflected in the customers’ Liquid accounts. This is for reference purposes only and does not represent actual ownership of the Gram tokens.
Parties involved in the Gram Token Sale
We would like to clarify some of the discrepancies and misunderstandings in some of the media reporting and community discussions regarding the relationship of Telegram to Gram Asia and Liquid.
Given this is a unique initiative that is wholly community driven, neither Telegram nor any of its associates are affiliated with Gram Asia or Liquid. This makes the Gram Token Sale a truly democratized public sale that is conducted on a secure platform to ensure we are able to safely enable a pre-order of Gram tokens to the Telegram community and the wider crypto space.
Liquid and Gram Asia fully embrace TON's vision of making cryptocurrency widely accessible. We are committed to the success of opening up this community-driven opportunity to the public for the first time.
Media contact: Katherine Ng firstname.lastname@example.org
This content is not financial advice and should not form the basis of any financial investment decisions nor be seen as a recommendation to buy or sell any good or product. Trading cryptocurrency is complex and comes with a high risk of losing money, particularly if you trade on leverage. You should carefully consider whether trading cryptocurrencies is right for you and take the time to learn how trading works and decide how much money you are prepared to lose.
Providing liquidity for the crypto economy.