Liquid Exchange to Offer First Public Telegram GRAM Sale in July

Colin Muller

Gram Asia, a private holder of a large amount of Telegram GRAM tokens, has reached an agreement with the Japan-based Liquid exchange platform to resell an unspecified number of the tokens to the public, according to a report in Yahoo Finance. It is the first public sale of GRAM tokens, although they will not be tradeable until October.

Telegram the company are building a blockchain layer atop their widely used private messaging application of the same name, the Telegram Open Network (TON), which is set to go online in Q3 this year.

Although Telegram had originally planned to hold a 50/50 public-private sale of GRAM tokens for the TON platform, they scrapped these plans earlier this year citing regulatory concerns; and due to the fact that had already successfully raised $1.7 billion from private investors.

Liquid, a Japan-based cryptoasset exchange that's not to be confused with Blockstream’s Liquid Bitcoin sidechain, will begin selling the tokens next month. But critically, users will not be able to withdraw or trade these tokens until the platform goes live - with the release slated for October 2019. In fact, the release of purchased GRAM tokens will not occur at once, but rather in four releases over the course of 18 months.

GRAM release schedule(source: Liquid.com)

Another notable caveat is that customers from the U.S., Canada, Japan, and a number of other countries will not be eligible to buy GRAM tokens on Liquid. Holders of Liquid’s proprietary exchange token QASH will also apparently reap discounts if they use it to buy GRAMs.

Good for Liquid

Liquid is a highly regulated exchange with hundreds of employees spread out across Asia, and valued at a billion dollars after securing additional investment a couple of months ago. At time of writing, the exchange only processed a modest daily trading volume of $144 million, according to CoinMarketCap.com - about 1/10th of Binance’s trading volume.

QASH chart 11 june 2019(source: CryptoCompare)

The QASH token has seen a modest bump in price since the announcement, climbing about 20% in price between the news and time of writing.

Facebook’s Digital Wallet Subsidiary Calibra Rebrands to Novi

Facebook’s digital wallet subsidiary Calibra has rebranded to Novi, a name that was inspired on the Latin words “novus” and “via,” meaning new and way, respectively.

The rebrand came with a new design meant to represent the “fluid movement of digital currencies,” while maintaining the Libra icon on its logo. An announcement the firm published reads:

While we’ve changed our name from Calibra, we haven’t changed our long-term commitment to helping people around the world access affordable financial services.

The announcement details that users will be able to use the Novi wallet as a standalone app to send and receive Libra digital currencies, and that it will also be integrated into Facebook’s Messenger and WhatsApp applications.

Per the announcement the wallet will include “no hidden charges,” and transactions will be instant. To use Novi, customers will have to be verified using government-issued ID, and “fraud protections” will be built-in to prevent illicit uses.

It further added that Novi hopes to launch when the “Libra network is available.” An initial launch will only include a specific set of countries, and the firm will have a customer support team available 24/7 to help out its users.

In a FAQ section on Novi’s website,e the firm seems to imply there will be minimal to no transaction fees, as the answer starts with a “what you send is what they get,” before adding users won’t have to worry about hidden charges. It concludes Novi is “cutting fees to help people keep more of their money.”

On social media Kevin Weil,co-creator of Libra and Novi’s VP of Product explained the rebrand came as it could be confusing for people to have two different organizations, the Libra Association and Facebook’s Libra wallet subsidiary, with such similar names.

Featured image via Unsplash.