Nexo Crypto Loan Firm Agrees to Accept Telegram’s ICO Token as Collateral

New cryptocurrencies are launched rather frequently in this evolving market, though the difficult concern has been the worldwide acceptance to make these tokens actually worth something. With the notoriety of Telegram, the launch of multiple private sales of the gram token has been lucrative, and Nexo is already planning to accept these tokens from their customers.

  • Nexo is a cryptocurrency loan firm that offers insured accounts for consumers with “instant” loans.
  • When the gram token is released by Liquid, Nexo has agreed to use the token as collateral for their customers.

Telegram recently decided to launch the new Gram ICO token, and it is already being well-received by the community. The Nexo crypto loans firm recently expressed that they are willing to accept this new token as collateral, but the token is likely not going to be available for a while.

The first public sale of the Gram tokens is planned to start on July 10th through the Liquid exchange platform, even though the tokens will not be distributed right away. However, Nexo stated that, when the investors have received their tokens, they would allow their own customers to use the Gram tokens as a way to back instant credit lines and upcoming credit card.

The gram sale, which is limited but open to the public, is being run by Korean firm Gram Asia, who says that it is the largest holder of gram token. They acquired this supply of the gram token during a multi-stage private ICO last year.

During the token sale, the platform brought in $1.7 billion through the course of two phases, which was the highest profit to ever come from an ICO at that time. However, in a statement to CoinDesk, Liquid explained that Telegram is not actually associated with the Gram offering.

With the ICO funding, a blockchain project called Telegram Open Network (TON) is being developed, working to decentralized various aspects of digital communication. Some of the areas that this initiative will help to decentralize include file sharing, browsing, and transactions.

When the gram tokens go on sale, the Liquid exchange has stated that they will be available for $4 each. Consumers will be able to purchase with both USD and the USDC stablecoin, though users won’t likely actually possess any of these tokens for a while, since the company doesn’t plan to make them available right away. The tokens are not likely to be distributed until the TON launch, and the users will see four installments over the course of 18 months. Speaking to CoinDesk, Nexo stated,

“If the mainnet launches, users would be able to claim their tokens at launch and immediately leverage them to borrow from Nexo, or to spend via our upcoming credit card.”

In the event that a wider public offering is made available for grams, the token may end up becoming “one of the largest cryptocurrencies by market cap,” as Nexo states. Grams will most likely see a major boost around the time that the TON network is fully launched.

The Nexo platform provides an opportunity to have an insured account that almost instantly approves customers for loans in over 45 fiat currencies. Anyone that holds cryptocurrency also stands to earn “up to 8 percent” interest on their assets. Having only launched in April last year, the firm is backed by TechCrunch founder Michael Arrington. Reports from CoinDesk indicate that Arrington presently holds a stake in the startup.