The Telegram token, also termed as ‘gram’ has started trading an everlasting contract on the London-based Xena exchange. On 12th of March 2019, the Cryptocurrency exchange has launched a derivative contract for gram having up to 100x leverage. The Xena-listed everlasting contracts are tradable in the public and are intended to provide liquidity for the gram token before its release in the later part of this year.
Initially, the derivatives of Xena became available on 28th of February 2019 in the beta version for the limited number of the users and are at this point opened to the public with effect from 12th of March 2019. In a statement the Xena chief executive officer Anton Kravchenko has even explained that the development of the derivatives market was aimed at the institutional investors. According to Anton, this is a significant step for the entire crypto market taking under consideration the importance of the gram token and its potential value as an asset for derivative contracts trading. The perpetual do not expire unlike futures.
The TON blockchain project of Telegram has become one of the most successful initial coin offerings in 2018 soon after it raised $1.7 billion from the private investors. The sale to the public was later suspended. As of the current situation, Xena is billing its gram perpetual as an opportunity for those who passed the chance to invest to be able to earn dividends on the potential rate hikes. Before the gram derivatives have been launched, Xena issued derivatives that were known as the Xena Listed Perpetuals that has been designed having focus on the Cryptocurrency market. At present the perpetual are settled through the Bitcoin core. As of the future, it can be anticipated that the settlements will be done in fiat currency.