Encrypted messaging platform Telegram is planning to make its Gram token public within the next two months, before the set deadline of October 31, 2019.
Citing three anonymous investors, the prospect of the company was revealed by The New York Times on Tuesday.
Telegram conducted a closed-door initial coin offering (ICO) to private investors last year through which it raised $1.7 billion, becoming the largest ICO to date. In its whitepaper, the messaging giant also promised the deliver the tokens before October 31; else it assured a complete refund to the investors.
However, many private investors are already selling their stakes of the token to retail customers at inflated prices before the token is listed on crypto exchanges. In July, Japanese digital asset exchange Liquid hosted a public sale of the Gram token which was sold by Gram Asia, the largest holder of the token in Asia. Each unit was priced at $4, three times the price of the private placement.
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A decentralized token for the masses
Gram token will operate with a decentralized structure similar to Bitcoin, Telegram wrote in a sales pitch seen by the Times. It will allow the 300 million users of the messaging platform to do transactions within the platform.
The company is also working at full force to make the wallet for Gram available to the users of the platform.
If Telegram successfully launches its Gram token to the public within the promised deadline, it will leave behind Facebook to become a global platform with hundreds of millions of users with a native digital currency.
Meanwhile, Finance Magnates recently reported that blockchain company Button Wallet is developing a system to bring crypto trading services to the Telegram users. The company launched a testing playground on the Telegram Open Network (TON) and is giving away a small amount of Gram token to encourage traders.