It looks like Telegram’s billion-dollar ICO has reached its firstly milestone after the chitchat app firm caused an initial $850 million, according to a filing.
A certificate submitted to the SEC earlier this week is to say that the money was fostered “for the development of the TON Blockchain, the proliferation and maintained at Telegram Messenger and the other purposes.” The protection is described as “purchase accordances for cryptocurrency” and the filing signed off by Telegram CEO Pavel Durov.
Read our earlier story for full details from Telegram’s TON white paper.
This initial sum is most likely the pre-sale stage of the ICO which, as TechCrunch reported on extensivelyand in detaillast month, was been aimed at venture capital houses and top representations in the investment society who were given penetrating discounts to buy Telegram’s Gram token. The pre-sale was primarily targeted at elevating $600 million, but demand pushed the figure up to $850 million, according to a Bloomberg report.
Telegram initially planned to raise a further $600 million to develop its TON project via a public sale that starts in March, according to documents received by TechCrunch, but it remains to be seen whether the above figures will be adjusted. Bloomberg previously recommended the public marketing constituent would expand to $1.15 billion, delivering the full amounts of the grown to virtually$ 2 billion if successful.
Telegram CEO Durov did not reply to an emailed request for note at the time of writing.
Either way, the sale promises to be the most significant ICO realise to time. The pre-sale representation alone transcends all other ICOs held by some margin.
The sale represents the first outside investing in Telegram, which has been self-funded by Durov and his older brother Nikolai, who founded VKontakte, the social networking website often referred to as’ Russia’s Facebook.’ The duo fled Russia in 2014 after a fall-out with investors, who they claim had links to the government, and they subsequently set up Telegram.