TON, Pavel Durov’s blockchain platform that was initially planned to be launched in Japan, will not sell the GRAM cryptocurrency to the residents of this country as per the contract. The Russian Telegram community Telegram News has learned this from an unpublished sales document between Pavel Durov and the investors of the second round. In addition, the project’s coins were not designed to be purchased by citizens and legal entities from the regions under the U.S. sanctions, namely Cuba, Iran, North Korea, Syria, and the Crimea. The GRAM token was sold to investors for $1.33 apiece during the second round. DeCenter examined the document and found the remaining details of the deal between TON and the early owners of GRAM.
The TON Will Launch before October 31, 2019. Otherwise, the Money Will Be Refunded
In March 2018, the second round of the TON project token sale was completed, but after almost a year, the details of the document about the alleged investors of the platform has surfaced. As follows from the published paper, the launch of the platform is scheduled for fall 2019. If the project team does not officially launch TON until October 31, then all the money raised during the crowdfunding stage will be returned to the investors. From this, it follows that the market price of GRAM will be determined only after the release of the platform.
During the second closed ICO stage, the cost of the GRAM token was $1.33. The price of a TON platform coin with a total supply of 5 billion units is formed from the corresponding calculation formula, which is specified in the white paper with a starting price of $.1, and each subsequent token should rise in price by one billionth.
The investors who participated in the second round of the private ICO paid for the acquired GRAM coins only in U.S. dollars or euros, and the euro-denominated amount payable was determined by the dollar rate. Exclusively accepting national currencies of the USA and the European Union also underlines the desire of the TON team to integrate their technologies in these regions in the first place.
Japan, which was originally chosen as the country where the TON project would officially start, is also a priority for the project, although the second stage of the closed ICO was not designed for the Japanese. After all, the policy of the island nation is one of the best in terms of adopting digital assets. The authors of the Telegram News channel suggest that the initial activation of TON could potentially create subsequent high demand for the cryptocurrency among Japanese residents.
Second Round without Japan and Sanctioned Countries
As is known, $850 million was raised from 94 new users during the second round of TON token sale. A recently published agreement between the buyers of the tokens and the platform itself states that GRAM was not designed for residents of many countries, including Japan, which, according to some sources, is one of the priorities for launching TON today.
Also, the notices clause in the document stated that “real security” and the sale of GRAM tokens do not apply to individuals and legal entities of the regions, which are “sanctioned jurisdictions,” on which the USA imposed political sanctions. This list includes Cuba, Iran, North Korea, Syria, and the Crimea.
The ban on the sale of GRAM also applies to specific “sanctioned individuals” who are included in the lists of the Office of Foreign Assets Control, the U.S. Department of State, the U.N. Security Council, and the European Union. This limitation is due to the intention of complying with the rules and regulations of the SEC, to which TON reports to ensure transparency of public investment funding.
Special conditions for the acquisition of tokens are established for residents from the European Economic Area (EEA), which includes 31 countries. For each EEA member state, the offer of securities may not be public. The exception is granted to qualified investors who are included in the Directive of the European Parliament and of the Council on the prospectus, which is subject to publication when the securities are publicly offered or admitted to trading. Moreover, investors are forbidden to enter into futures contracts for the sale of coins that they have not yet received from TON.
Compliance of the TON project with the U.S. and European legal regulations that relate to securities probably determines the geography of platform development and payments using the GRAM cryptocurrency in these regions. Although earlier, experts said that, most likely, the primary payment markets for the Pavel Durov’s platform would be Iran, Brazil, and Uzbekistan, where the Telegram messenger is in the highest demand.
GRAM Is Not Telegram
Once launched, the TON project can be delegated to the TON Foundation, a non-profit organization. Responsibility for the further development and maintenance of the network will transfer from the TON Group to the hands of others, but the date of the transfer of powers and the full conditions under which the agreement will take place is unknown.
In addition, judging by the agreement, GRAM tokens are not Telegram shares and do not allow investors of any level to influence the decision of the TON project’s and Telegram’s management. In fact, both companies are independent from a legal point of view, but technically directly related to each other, because the implementation of TON in Telegram should take the project to a new level of development and become an analog of WeChat with its functions of paying for any goods and services, as well as making money transfers.
According to the results of the second round of the TON crowdfunding stage, as DeCenter reported earlier, $850 million was raised from 94 investors, while the amount of funds raised was $850 million from 81 large investors in the first token sale round. Thus, Pavel Durov’s project that is aimed at the implementation of a new payment system, which, according to his ideas, will exceed Visa and MasterCard, raised $1.7 billion.