As indicated by a filing, Telegram has achieved its first milestone and raised an initial $850 million for its billion-dollar chat application.
According to the report that has been submitted to SEC this week, the security has been depicted as purchase agreements for digital currency that is fittingly signed by Pavel Durov, the CEO of Telegram. It has likewise been expressed in the recording that the money was raised “for the development of the TON Blockchain, the development and maintenance of Telegram Messenger and the other purposes.”
Telegram Open Network ICO or TON is Telegram’s third generation blockchain that has prevalent capabilities. As it has been accounted for, the launch was to be funded with a huge ICO that will be the biggest one till date. It had been expected that the pre-sales would extend into several millions because of the prevalence of this well-established messaging platform that is utilized everywhere throughout the world.
The sum raised is probably going to be the presale that was focused towards the best figures and venture firms of the investment community. Clearly, these community members were given heavy discounts to purchase the Gram token. The first target for this presale was $600 million, notwithstanding, the substantial demand for this token raised the figure to $850 million.
It had been accounted for by Bloomberg that the public sale component would stretch out to $1.15 billion that on being effective will convey the total sum raised to the value of $2 billion. As indicated by the documents, at first, Telegram wanted to raise $600 million to build up its TON project through a public sale that basically begins in March. In any case, with $850 million brought up in presale, it’s to be checked whether it will adjust the figures now.
The presale figure of $850 million, makes it one of the best ICOs till date.
The excitement telegram ICO is rising and investors are now speculating the up and coming telegram coin price. Telegram Open Network ICO sale is the first outside investment made in Telegram as it was self-funded by the Durov siblings. Given the company’s situation inside the digital currency community, the demand for token sale has been unprecedented.
With regards to the project, Telegram is wanting to build up various services alongside its chat application that incorporates distributed file storage, services for secure browsing environments, decentralized applications and smart contracts.
Discussing an early “MVP” version of TON, it will launch in Q2 2018 while Telegram’s wallet service will discharge in the last quarter of the year. Despite the fact that the launch of TON services is planned for 2019, Telegram still can’t seem to build up the underlying technology for the same.