Anchorage Is The First Qualified Gram Custodian Before The Oct.31 Launch

The digital asset custodian of the software firms Anchor Labs, Anchorage, is the first entity that is qualified to support the institutional custody for Telegram’s Gram (GRM) token, the latest crypto news show.

Anchorage Trust Company is the wholly owned subsidiary of the California based company Anchor Labs – and is the first entity which will enable institutional investors and organizations to hold Gram tokens at launch on October 31. This was officially confirmed by the company’s co-founder and president Diogo Monica who announced the news on October 7.

As the blog post states, Anchorage is the first qualified Gram (GRM) custodian and the services will be offered either through Anchorage Trust Company or Anchorage Hold.
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Still, the firms are not registered with the United States Securities and Exchange Commission (SEC), as Monica noted, adding that their services will not be initially offered to New York residents.

The Anchorage Trust CEO described the two main options for acquiring Gram tokens. According to his statement in the latest news on altcoin, investors will be able to purchase existing Grams on the open market as well as new Grams from the Telegram Open Network (TON) Reserve.

The two markets are designed to counterbalance each other as well as stabilize both the price and supply of Grams, the executive said. Citing the TON white paper, the firm also noted that the TON Reserve “will incrementally increase the price of new Grams with every Gram sold,” following an “exponentially increasing function.”

After the news from Anchorage, we can see that the first Gram will be priced at $0.10 while every subsequent Gram will be sold for one billionth more than the previous one, the company added. Meanwhile, the TON network is scheduled to launch in late October and was officially announced by Telegram in a blog post on October 2.

The Anchorage announcement also noted that investors will be required to provide Telegram with a public key that is generated through a software – all in order to receive their GRM tokens by October 16. As we saw in late September in the coming altcoin news, Telegram released a wallet for the Gram (GRM) token in the app and its alpha version for iOS.