Coinbase Custody Plans to Support Telegram Open Network's GRAM Token at Network Launch

Qualified crypto custodian Coinbase Custody announced on Wednesday (October 9) that it plans to support Telegram Open Network (GRAM), Solana (SOL), and Orchid (OXT) as soon as their respective networks launch.

Coinbase Custody, which was launched in 2018, "operates as a standalone, independently-capitalized business to Coinbase, Inc.," and it is "a fiduciary under NY State Banking Law."

In a blog post published on the official Coinbase blog on Wednesday (October 9), Nicolas de Bontin wrote that Coinbase Custody, which is currently the world's largest crypto custodian, "intends to support the secure storage of GRM, SOL & OXT at each network’s respective launch" (subject to regulatory approval, of course).

As Coindesk reported on October 8, messaging platform Telegram has finally broken its silence regarding its involvement with Telegram Open Network (TON) when on that day it mentioned TON (and its native token GRAM) on the Telegram website.

This mention came in the form of the terms of service (ToS) for Grams Wallet, which stated that this product will be available as a standalone application and also incorporated into the Telegram Messenger application.

With regard to GRAM transactions, the ToS stated:

"In order to be completed, any Gram-transaction created using the Services must be validated and recorded in the TON Blockchain ledger. We have no control over the TON Blockchain network and therefore cannot ensure that any transaction details that you submit via the Services will be validated and confirmed on the TON Blockchain. The transactions you submit via the Services may not be completed, or may be substantially delayed by the TON Blockchain. We have no control over the TON Blockchain and do not have the ability to facilitate any cancellation or modification requests to transactions you have submitted. A fee may be imposed on your transaction by the TON Blockchain. We have no control over the amount or type of such fees."

Featured Image Courtesy of Coinbase Custody