Copy link
Increase text size
Decrease text size
Link copied

Crypto loan entity makes questionable decision regarding Gram ICO

Telegram App.LoboStudioHamburg/Pixabay

Sun, 07 Jul 2019, 04:13 am UTC

In a rather startling development, Nexo, the firm that offers crypto loans has announced that it would be accepting new collateral in the form of Gram ICO token. This is basically the crypto coin the messaging app Telegram is developing. However, hardly any news regarding this offering has come out that would indicate when it would be available and at what price.

For some context, the Gram ICO is still not out in public, Coindesk reports. Therefore, apart from the private transactions that have reportedly already occurred, the only means of the public to obtain them is to wait for the actual release. Even then, traders will still not be able to get their hands on the coins immediately.

It’s worth pointing out that an entity called Gram Asia does exist but Telegram has distanced itself from the firm, Coinspeaker notes. This raises the question of whether or not the Gram coins it is selling are even worth anything. It is currently up to sell Gram tokens via Liquid, which it reportedly acquired via the private ICO that Telegram launched back in 2018.

As such, there is the matter of whether or not the tokens that will be sold will actually be honored by Telegram when it launches its Telegram Open Network (TON). That would be the only time in which the Gram coin will actually be officially available.

With this being the case, it will still technically be possible for consumers to use Gram tokens as collateral to make use of Nexo’s services. The firm is planning to make this feature go live for its instant credit lines on July 10, along with the credit cards that it is planning on launching. However, Nexo itself would be taking a huge risk in this affair since there’s no guarantee that these Gram tokens will be worth anything.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,109.28 (-0.07%)
  • Ethereum (ETH) $142.09 (+0.05%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $206.60 (-0.12%)
  • Litecoin (LTC) $43.31 (-1.20%)
  • Bitcoin (BTC) $7,109.28 (-0.07%)
Dec 14, 2019 (Saturday)
05:44
Darknet marketplace Hydra launching an ICO on Dec.16 to fund its global expansion
Dec 13, 2019 (Friday)
12:50
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:49
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:25
Crypto Technicals: BCH/USD edges above 5-DMA, near-term upside likely on break above 20-DMA (211.74)
11:24
Terra launches stablecoin-powered payments service in Mongolia
10:37
Crypto Technicals: Ripple (XRP) edges higher from session lows at 0.2154, 'Hammer' at lows raises scope for minor gains
10:22
Korean cybersecurity firm partners with R3 for digital asset management and MPC technology
08:55
SEC charges Shopin’ founder with orchestrating ICO fraud; Accused deactivates social media, Telegram account
08:55
Crypto exchange Kraken looking for operations director to helm ‘special-purpose depository institution’
07:49
Twitter looks to blockchain to decentralize social media
07:03
Crypto Technicals: LTC/USD flashes signs of recovery, 'Dragonfly Doji' and 'Bullish Divergence' could support minor upside
06:22
ING bank developing custody project for digital assets: Report
06:18
Basel Committee on Banking Supervision mulls designing global prudential standard for crypto-assets
05:28
Franklin Templeton leads blockchain-based social impact platform’s funding round
04:58
Crypto Technicals: BTC/USD breaks above 50H MA, 'Bullish Divergence' could support further gains
04:44
TokenSoft submits transfer agent filing to the SEC; Decision to arrive in 30 days
04:33
Crypto Technicals: ETH/USD recovery lacks traction, upside capped at 5-DMA
04:33
Glencore joins Responsible Sourcing Blockchain Network for tracing cobalt
03:24
Grant Thornton releases second report on Cryptopia liquidation; Pulls back nearly $5M from various sources
03:23
Chainalysis launches compliance solution for Bitfinex amidst class-action lawsuit
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft