The custodian Anchorage Trust Company has announced that they will add Gram, the native currency of the Telegram Open Network (TON), “to its lineup of supported assets”.
The company claims to be the first to offer the US-based institutional custody for the Gram token which is expected to be launched on October 31. It’s worth mentioning though, that Anchorage Hold and Anchorage Trust Company are not registered with the SEC. Services are not yet offered to residents of New York.
Co-founder and President of the company Diogo Mónica shared in the company blog:
“This will enable institutional investors, and organizations developing products and services on TON, to hold their Gram securely with a Qualified Custodian. We are proud to bring regulated, auditable custody to the TON ecosystem.”
Interestingly, Anchorage has also been named as one of the 28 founding members of Libra Association. According to Forbes, Diogo Mónica does not see Gram and Libra as competitors, since they “have completely different underlying technologies and are meant for different use cases, with Libra primarily aimed at increasing global financial inclusion and Gram primarily aimed at facilitating in-app payments for its existing user base.”
"Just as the dollar, pound, and euro happily coexist in the same financial system, crypto isn’t winner-take-all: there is already a vibrant ecosystem of many cryptocurrencies with different features and use cases, and that trend will continue,'' he explained.
As COIN360 reported earlier, last week Telegram initial investors have received emails from the core team, confirming the TON Network launch date in late October. Previously Telegram invited programmers to participate in a coding competition and build smart contracts on TON with prize funds ranging between $200,000 and $400,000.