Forbes found out the details of the Aton offer for investors in the Gram cryptocurrency.
The Aton investment company estimated the cost of Gram cryptocurrency, which will become a payment instrument on the TON platform from the Telegram messenger Pavel Durov. According to analysts, the rate will be $ 2.1-8.0 per token. The average price of Gram, respectively, is $ 5.1. By 2028, the rate of one Gram can reach $ 15-30 per coin, according to the Aton report, which was at the disposal of Forbes.
Analysts estimated the cost of Telegram’s future cryptocurrency on the basis of the “Quantitative Theory of Money”, that is, it was considered as a currency, and not as a security. Now the TON is testing its platform with several development teams. Aton analysts point out that all this is an absolutely theoretical calculation, given that the TON project has not yet been completed, and Gram has not been released as of the date of this report.
It is impossible to determine the fair value of cryptocurrency (due to the limited practical use of cryptocurrency and the relatively low level of application at the moment), the report says.
The calculation was carried out taking into account the cost of tokens at the stage of initial investment, the total volume of emissions, the speed of circulation and the number of potential users of the platform (in theory, this could be all Telegram users).
During Gram ICO conducted in February 2018, Telegram raised $ 850 million: ex-cofounder and CEO of QIWI Sergey Solonin and Wimm-Bill-Dann cofounder David Yakobashvili invested in the project of Pavel Durov and his brother Nikolay. Totally they invested $ 27 million in cryptocurrency for $ 0.38 per token. In the next round in March 2018, Telegram raised another $ 850 million. At the same time, at the second stage, the price increased to $ 1.33 per token.
According to Whitepaper, Telegram planned to conduct a third financial round. The Aton document states that this stage is able to take place in 2020, and within its framework $ 850 million may be raised.
Today, the total number of Grams which have already sold were about 2.89 billion. Another 200 million tokens will be held by developers, and 500 million tokens are used “as incentives for the ecosystem” (4% and 10% of the total supply, respectively). By 2028, the total volume of issuance of cryptocurrency will reach 5.98 billion, and the number of coins in circulation will amount to 4.47 billion.
Taking into account the volume of the market and the growing number of Telegram users (the document indicates that in 2018 there were 250 million, and by 2021 the number of active users is forecast to reach 675 million), as well as the estimated average annual amount of transactions per user by the end of 2028, analysts estimate that Gram’s market capitalization will reach $ 68-135 billion by the end of 2028, and the cost of 1 Gram will be $ 15-30.
The Goal Of “Aton”
The company sent to several investors the report of analysts that incluides the calculation of the cost of cryptocurrency. The Aton press service confirmed its authenticity, but noted that the document was issued for a certain category of customers who are interested in the cryptocurrency market and are not intended for publication in the media. Two investors who received the document told Forbes that it was prepared in connection with Aton’s plans to resell its share in TON.
In the first round Aton sells tokens for the price of the second. That is, they sell for $ 1.33 “coins” that they bought for $ 0.38. The profitability of the transaction is 250%, so “it is clear that investors want to sell a share on such conditions,” says entrepreneur and investor Yevgeny Lashkov.
According to the contract concluded by investors, restrictions are now imposed on the tokens of the first round, and the full amount can’t be resold for two years. Gram tokens will be released every three to six months at 25% after the launch of TON. But, apparently, Aton’s lawyers were able to find some opportunities to make the deal, the Forbes source said.