Telegram postpones the launch of Gram until April 2021 and its investors suffer
The popular app of Messenger service Telegram has delayed the launch of its Gram tokens until April 2021 due to pressure inserted by the SEC and US district courts.The company offers quite tentative options for investors to stay on board the paper plane.
Pavel Durov's company has sent a letter to all investors of the Telegram Open Network (TON) - the blockchain network behind the future cryptocurrency Gram. The token will not be issued before April 30, 2020, as previously announced. Consequently, the company offers investors the option of receiving a 72% return on all expenses this year. On the other hand, from Telegram they have contacted Hardwaresphere to specify that the company "you may need to sell some of your equity later to get money to repay the loan", making it clear that"repaying with principal was not offered as an option«.
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Telegram postpones Gram
Telegram plans to engage in further discussions with “the relevant authorities” to resolve all issues related to TON and the future launch of the Gram token. The company believes it will obtain the appropriate permission by April 30, 2021. If successful, investors will receive Grams or “potentially another cryptocurrency on the same terms as the original Purchase Agreement«.
On the contrary, if Telegram fails to obtain the required permission, it plans to pay off the debt of investors using the proceeds from the sale of shares in the company, currently owned by its founder. Investors have until the end of the week to respond with their decision, according to the letter. The one-year deferral occurs primarily due to intense pressure from the SEC. Which resulted in numerous unfavorable decisions by the Telegram district courts in the United States.
El last month, the court officially banned the sale of Gram tokens after the SEC filed an internal communication showing that Telegram considered the upcoming cryptocurrency to be securities. Therefore, the Commission demonstrated that Gram had to comply with the established regulations. Since security tokens are negotiable financial assets that require personal identifications.
