Telegram has raised an initial $850M for its billion-dollar ICO – TechCrunch

It looks like Telegram’s billion-dollar ICO has reached its very first milestone after the talk app company raised an initial $850 million, according to a filing.

A document submitted to the SEC earlier this week states that the money wasgoed raised “for the development of the TON Blockchain, the development and maintenance of Telegram Messenger and the other purposes.” The security is described spil “purchase agreements for cryptocurrency” and the filing is signed by Telegram CEO Pavel Durov.

Read our earlier story for total details from Telegram’s TON white paper.

This initial sum is most likely the pre-sale stage of the ICO which, spil TechCrunch reported on extensively and ter detail last month, wasgoed targeted at venture capital firms and top figures te the investment community who were given deep discounts to buy Telegram’s Gram token. The pre-sale wasgoed originally targeted at raising $600 million, but request shoved the figure up to $850 million, according to a Bloomberg report.

Telegram primarily planned to raise a further $600 million to develop its TON project via a public sale that starts ter March, according to documents seen by TechCrunch, but it remains to be seen whether that figure will be adjusted. Bloomberg previously suggested the public sale component would expand to $1.15 billion, bringing the total raised to almost $Two billion if successful.

Telegram CEO Durov did not reply to an emailed request for comment at the time of writing.

Either way, the sale promises to be the largest ICO seen to date. The pre-sale figure alone tops all other ICOs held by some margin.

The sale represents the very first outside investment te Telegram, which has bot self-funded by Durov and his older brother Nikolai, who founded VKontakte, the social networking webpagina often referred to spil ‘Russia’s Facebook.’ The twee fled Russia te 2014 after a fall-out with investors, who they keuze had linksaf to the government, and they straks set up Telegram.

Request around the token sale has bot unprecedented, primarily because of Telegram’s unique position within the crypto community. Its messaging app is used by the majority of ICO projects, with its group feature particularly popular among crypto watchers – that includes more shady elements such spil ‘pump and dump’ scammers.

Quartz recently reported that pre-sale investors are selling their allocation for upwards of dual the price, while others had stayed away from the sale out of caution. There has certainly bot hype, with a bevy scammers setting up fake websites and campaigns to specie ter on the rente, spil TechCrunch wrote last month.

Spil for the project itself, Telegram is aiming to develop a series of services alongside its messaging app, including:

  • Distributed opstopping storage akin to services like Dropcoin and ICO company Filecoin
  • A proxy service for creating decentralized VPN services and TOR-like secure browsing environments based on the blockchain
  • Services for decentralized apps, wise contracts and decentralized web browsing practices
  • Payments for micropayments and peer-to-peer transactions

An early ‘MVP’ version of TON is scheduled for release te Q2 2018 with the Telegram wallet service penciled for the final quarter of the year. Beyond that, its TON services are planned to launch te 2019 but Telegram is still to develop the underlying technology that it claims will enable them.

Despite that, it has bot busy shipping fresh products this year.

Earlier this month, Telegram introduced fresh versions of its messaging apps for Android and iOS, albeit its apps were shortly eliminated for download by Apple after some users were found to be sharing child pornography on them. The company also released a web plug-in permitting businesses to connect with users via the messaging app.

Note: The author possesses a petite amount of cryptocurrency.

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