Anchorage To Be The First Institutional Custodian For Telegram’s GRAM (GRM) Token

Anchor Labs, a digital custodian, has recently affirmed that the company would be the first institution to be officially qualified for supporting Telegram’s Gram (GRM) token. Anchorage Trust Company, a subsidiary of Anchor Labs, will hold the tokens for institutional investors during the launch, which is set to happen on October 31.

Diogo Monica, the president of the company, affirmed that the company is registered as a money services business and that they provide custody services for the clients. At the moment, the company has not registered with the U. S. Securities and Exchange Commission (SEC) yet, so it will not be able to provide the services for residents of certain states such as New York.

Two Ways To Buy Gram Tokens

The CEO of Anchorage affirmed that there are two main ways in which people can buy their tokens. For instance, they can do it by purchasing the tokens on the open market or then directly with Telegram via its official reserves. According to the executive, these two markets are set to balance each other in the long-term.

He also cited the Telegram Open Network paper and affirmed that the tokens from the reserve will be sold at higher prices as the time passes, which is said to improve the value of the network.

The first token will cost ten cents of a dollar and then each token later will be sold for one-billionth more, which will add up in time. To buy the tokens from the company, investors will have to generate their own wallets first.

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