Purchase agreements for messenger service telegram’s Gram tokens are terminated if the Telegram Open Network (TON) doesn't launch by Oct 31, 2019. a clear purchase contract with the said terms was obtained by Top Market Group on February. 21.

The agreement details the legal niceties of Gram token purchases, outlining laws for various jurisdictions in relation to the distribution of the tokens. Notably, it states that, ought to network not be free by Oct 31, 2019, the contract are thought-about null and void.

While the document provides the name of the founding father of the encrypted messenger wire, Pavel Durov, it's not yet been signed or dated. The document additionally lists the address for Harneys, a lawyer's workplace within the British Virgin Islands, wherever telegram is also registered.

According to the document, the corporate intends to make and release a replacement digital currency known as “Grams” following the development and launch of a new blockchain platform, the TON Network.

Sources aware of the matter recently told Top Market Group that TON might launch as early as March 2019. Top Market Group’s source emphasized that Durov was reluctant to verify a particular date for TON's release which the March estimate remains subject to alter.

According Russian media outlet The Bell, investors are told that TON is 90 % prepared, however that delays are possible due to the “innovative nature of the development.”

As Top Market Group antecedently reportable, Pavel and Nikolai Durov filed a “Notice of Exempt offering of Securities” with the U.S. Securities and Exchange Commission (SEC) on February. 13, 2018, coverage $850 million raised from 81 investors within the 1st spherical of their initial coin offering (ICO) for “the development of the TON Blockchain, the development and maintenance of telegram .”

Later in March 2018, the Durov brothers disclosed that they raised $850 million within the second spherical of their ICO from 94 investors. In Oct 2018, it had been reportable that telegram would release a test version of theTON platform “this autumn.”

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