Telegram informed investors of its TON blockchain platform that the first batch of Gram will be issued before the end of 2019.

Telegram seemingly fulfills the conditions for attracting financing to its blockchain platform Telegram Open Network (TON). The messenger told investors that it plans to send out the first batches of its coin, the Gram, within the next two months until 31 October 2019, The New York Times reports citing three investors. If Telegram does not fulfill this condition, investors have the right to return their money invested in the blockchain project.

Additionally, Telegram plans to develop and launch its cryptocurrency storage service that all Telegram subscribers will be allowed to use. Currently, the Telegram user base is estimated at 200-300 million accounts.

TON founders expect that Gram will become the borderless currency of the Internet and will allow everybody to send money anywhere in the world. According to the investors presentation, Gram is designed to be a decentralized cryptocurrency just like bitcoin, not subject to any censorship or control.

“A whole new economy saturated with goods and services sold for cryptocurrency will be born,” the company said in a document sent to potential investors in 2017.

“Telegram has always operated with a degree of disregard for the opinions of government authorities,” the NYT article notes. “The Telegram app makes it easy to send encrypted messages between phones. That has made it popular both with terrorists and with government dissidents and protesters, most recently in Hong Kong.”

A spokesman for Telegram did not respond to multiple requests for comment.

In early 2018, Telegram's TON project raised $1.7 billion through two private rounds of financing.

In April 2019, Telegram started the testing period of the TON blockchain, with a limited number of partners participating. The Telegram team also released a toolset for smart contracts that will be used in the blockchain platform, as well as documentation on its Fift language for smart contracts written by Nikolay Durov.