Telegram investor update claims TON is now 90% complete

Quick Take

• Telegram raised $1.7 billion in its ICO
• The TON project is now 90% complete compared to 70% in September 2018
• Telegram plans for its GRAM tokens to be initially traded on Asian exchanges

Telegram, one of the most prominent and secretive projects in the cryptocurrency space, has released its latest investor update on the state of its Telegram Open Network (TON) development, embedded below.

According to the investor update, the overall build of the TON network is now 90% complete, an increase from 70% in September 2018. To be sure, measuring technical development progress by percentages is an arbitrary process. The updated figure, however, shows Telegram believes it is making progress on the development of its network. The investor update also shows that Telegram has delayed its testnet launch to March 2019. The original launch date was expected to be January 2019.

Telegram open network development status (january 28, 2019) from The Block

As for the exchange listing plans, sources familiar with Telegram tell The Block that the project is actively working with firms to get its native token, GRAM, listed on Asian exchanges such as Huobi, Binance, and OKEx. Telegram is also working on potential partnerships with e-commerce, retail, and other online services leading up to its native messenger app store launch.

As The Block previously reported, Telegram’s TON network will host decentralized applications, akin to Ethereum, the leading smart contract development platform. In 2018, Telegram raised $1.7 billion in one of the largest ICOs in the crypto industry to date, selling its GRAM tokens to investors including Benchmark, Sequoia Capital, and Kleiner Perkins Caufield & Byers.

This article has been updated to include the entire Telegram Open Network investor update rather than only a summary.

Image credit: Shutterstock/Mike Trukhachev

Originally published at www.theblockcrypto.com on February 7, 2019.