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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.

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