Telegram Finally Launches its GRAM token Derivative on XENA Exchange

Telegram conducted a very successful ICO for its GRAM token almost a year back, raising $1.2 billion in the initial funding. Now almost after a year, a London affiliated exchange Xena is all set to launch the derivative contract for GRAM on its platform.

In a press release published by the company, Xena has officially listed the derivative contract by the name XGRAM on its platform and it would be tradable worldwide. The move is being aimed at generating enough liquidity before the official launch of GRAM token, which is being speculated to take place by the end of March.

The beta version of the derivative contract was made available to a selected few traders by the end of February and now it has been officially launched for everyone.

Anton Kravchenko, CEO of Xena Exchange said,

“This is a significant step for the entire crypto market, considering the importance of the GRAM token and its potential value as an asset for derivative contracts trading. This is the first time on the cryptocurrency market where contracts have been used not only to speculate on the rate changes but also to hedge the risks.”

How Does Perpetual Contracts work?
Perpetual contracts are quite similar to future contracts, where a party agrees to buy a commodity at a pre-determined price, but unlike Future, there is no expiry date for Perpetual contracts. Thus, they serve as a great form of a hedge against the volatile trade market prices.

Perpetual contracts are offered against high leverages which allows investors to buy much more stake than they can usually afford. The financial and liquidity for Xena’s perpetual contracts would be paid in crypto thus the exchange does not necessarily have to be regulated by the Financial Conduct Authority (FCA), the UK’s chief financial regulator.

How Would the GRAM Token function?
GRAM token would work as the fuel for the Telegram’s chat application on its Telegram Open Network (TON). The functionality would be quite similar to China’s WeChat in-app system, where users can transfer value from within the app, without any need to interact with real money.

The trend of various in-app tokenization especially on chatting platforms is on the rise. Apart from Telegram, Facebook is also looking to launch its stable coins specifically designed for its chat application WhatsApp. LINE is another chat platform based out in China looking to follow the suit.

Telegram is hoping to create their own decentralized chat platform with the options for the transactions through the GRAM token. With over 200,000 active users the plans are quite extensive and hopefully, it can cash on the decentralization trends.!