Telegram, the messenger service, has been working to launch their new crypto asset – Gram tokens – for quite a while now, but it seems like their need to meet a deadline has become much more important lately. According to a purchase agreement, which has been obtained by CoinTelegraph, Telegram Open Network (TON) only has until October 31st of this year to complete their launch. Without a launch, the Gram token purchase agreements will be deemed invalid.
Much of the agreement discusses the legal details about the purchase of the Gram tokens, along with various regulations for the different jurisdictions. Ultimately, the agreement comes down to the simple fact that TON has to meet the agreed-upon date or be terminated.
At this point, it is unclear if this contract is in effect because, while it includes the name of Telegram founder Pavel Durov, it is not signed or dated. The document includes the address for a lawyer’s office named Harneys, which is located in the British Virgin Islands, the home of Telegram’s official registration.
The document states that the launch of the “Grams” will occur after the creation and launch of the TON Network, which will be a new blockchain platform. Sources say that TON has the potential to launch by next month, though Durov has been hesitant to lock down a specific date. In fact, with the changes that could potentially happen, the March projected launch could be pushed back as well. The Bell, a Russian media outlet, says that the platform is 90% prepared to launch, but the “innovative nature of the development” is the only issue standing in its way.
In February last year, Pavel and Nikolai Durov took to the U.S. Securities and Exchange Commission to file a “Notice of Exempt Offering of Securities.” This filing showed $850 million raised amongst 81 investors during their ICO. The funding was gathered to encourage
“the development of the TON Blockchain, the development, and maintenance of Telegram Messenger.”
The following month, the brothers showed $850 million raised by 84 investors during the second round of funding. By October, Telegram stated that the TON platform would have a test version ready to launch for consumers