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Telegram plans to release its Gram tokens ahead of Oct. 31 deadline – Report

Yogita Khatri

Messaging giant Telegram is reportedly planning to get its native tokens Gram out in the market ahead of its scheduled date of Oct. 31.

The company could launch the first batches of its token “within the next two months,” The New York Times reported Tuesday, citing three anonymous investors who have spoken with Telegram recently.

Gram tokens will operate with a decentralized structure similar to bitcoin (BTC), Telegram said in a sales pitch seen by the NYT. The structure means Telegram won’t have control over how and where Grams move, per the report.

Back in July, Gram tokens went on sale on cryptocurrency exchange Liquid at a price three times of its private placement. A Korean company Gram Asia, the largest holder of Gram tokens in Asia, sold a portion of its Gram tokens to the public at $4 apiece.

Last year, Telegram sold Gram tokens in one of the largest initial coin offerings (ICOs), raising $1.7 billion from notable investors including Benchmark and Sequoia Capital, among others.