Token Teknoloji Gram Gold and Gram Silver (GRAMG, GRAMS)

Summary

Ketju does not approve Token Teknoloji Gram Gold and Gram Silver: Token Teknoloji publishes no token terms, and single keys can freeze, pause and wipe any balance. GRAMG and GRAMS are Avalanche tokens at one gram of gold and one gram of silver, issued by Token Teknoloji A.Ş. in Istanbul. On 2026-09-23 there were 48,000 GRAMG and 4,063,800 GRAMS. All of them sat in a handful of issuer and exchange wallets and had not moved since June. The trading that CoinGecko reports happens off chain, inside Bitlo, a Turkish exchange. The product pages say Token Teknoloji holds metal as collateral and that the token gives the holder ownership. The only agreement is an exchange-style user agreement that never mentions the tokens. The bank letters Token Teknoloji published, the latest from August 2024, show metal accounts in its own name, and its reserve page now returns 404. A holder can only convert to Turkish lira on Bitlo.

Review triggers
• Token Teknoloji publishes token terms that give holders a claim on the metal, with a redemption process
• An independent firm reports on the gold and silver behind the tokens
• A role key changes, or an address is frozen or wiped
• Supply appears on Ethereum or Polygon, or the tokens leave issuer and exchange wallets

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2026-12-23.

Research

How it works

The GRAMG page says one gram of physical gold is held as collateral for each token made, more than 90% of it at the Central Bank of the Republic of Turkey. The GRAMS page says the token “gives ownership directly to the person.” No contract contains either statement. The user agreement and usage conditions read as a generic exchange agreement, and section 5 carries Bitlo’s name in its heading. They do not mention reserve tokens, metal, or redemption. The archived reserve page names Kuveyt Türk, Ziraat Katılım, VakıfBank, and Akbank, and gold at the central bank through FATSİ at Ziraat Katılım. The letters from those banks show gold and silver deposit accounts held by Token Teknoloji itself. A holder has only marketing copy and no claim that a court could enforce.

Withdrawals

The product pages offer one way to sell: convert to Turkish lira on bitlo.com. Token Teknoloji offers no metal redemption, no fee schedule, and no timetable. Bitlo is on the Turkish capital markets board’s list of licensed crypto platforms. Token Teknoloji is not on the list and publishes no registration number or licence. The tokens sit in exchange wallets, so a Bitlo customer holds an exchange balance and does not hold the token.

Who controls it

Both tokens run the same verified StableCoin contract, which cannot be upgraded. Token Teknoloji deployed it at the same addresses on Avalanche, Ethereum, and Polygon, and only Avalanche has supply. A compliance manager can `freeze` any address and `pause` the token. An enforcement manager can `wipe` any balance, moving it to the supply manager and burning it. The supply manager mints and burns. A single private key holds each role. The contract also keeps a KYC list, but the two checks that would enforce it are commented out of the transfer hook, so the list blocks no transfer.

Ounce tokens

Token Teknoloji also issues ONS Gold (ONSG) and ONS Silver (ONSS). Their pages say they are backed by GRAMG and GRAMS, and the reserve wallet the site links holds exactly 3,110.35 GRAMG for 100 ONSG and 466,552.15 GRAMS for 15,000 ONSS. They add no metal of their own, so Ketju leaves them out of coverage as copies of the gram tokens.

Comparison

GRAMG and GRAMS fall short of PAX Gold on every point: they have no terms, no redemption for metal, no current reserve evidence, and single-key wipe powers. Ketju will review them again if Token Teknoloji publishes token terms that give holders a claim on the metal and a current, independent reserve report.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• Token Teknoloji: Gram Gold (GRAMG) product page · primary · accessed 2026-09-23
  Supports: gold held as collateral, central bank custody, lira conversion on Bitlo
• Token Teknoloji: Gram Silver (GRAMS) product page · primary · accessed 2026-09-23
  Supports: ownership claimed in marketing
• Token Teknoloji: Kullanıcı Sözleşmesi (user agreement) · primary · accessed 2026-09-23
  Supports: no reserve-token terms, natural persons over 18, account suspension
• Token Teknoloji: Rezerv Kanıtları, Wayback capture of 2026-04-15 · primary · accessed 2026-09-23
  Supports: custodian banks, bank letters of 2024
• Token Teknoloji: ONS Gold (ONSG) product page · primary · accessed 2026-09-23
  Supports: ONSG backed by GRAMG
• GRAMG contract on Avalanche (Routescan verified source) · primary · accessed 2026-09-23
  Supports: freeze, pause, wipe, KYC checks commented out, single-key roles

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.