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Telegram ICO Breaks New Funding Records

04 april 2018, 21:32

ICO phase

During the initial ICO phase, Telegram has managed to raise an impressive sum of $850,000,000, which at the time was one of the largest amounts raised during coin offering to date. This time, no longer than two months after the first record breaking crowdsale, another 850 million dollars is being added to the Telegram project bank accounts or we should say wallets as we are dealing with cryptocurrencies. According to a Form D disclosure filed with the U.S. Securities and Exchange Commission (SEC) by Telegram founder Pavel Durov on Thursday, the funds raised were "purchase agreements for cryptocurrency."

By doubling the amount of funds, the project's budget has now reached a total of 1.7 billion dollars, which is an enormous amount in comparison to any other ICO. The raised amount of money can give an impression of a lot of investors, however during the last stage, only people who were able to invest a minimum of 1 million dollars were allowed to participate. That shows that Telegram managed to encourage the richest to support the platform, however the exact number of potential individual token holders and supporters is not known. In a filing to the Securities and Exchanges Commission apart from stating the amount of raised funds, in order to remain as transparent and cooperative as possible. They also add that Telegram might "pursue one or more subsequent offerings" beyond these first two sales.

Telegram Open Network

Telegram ICO Breaks New Funding Records

Telegram wants to develop a fast and scalable multi-blockchain architecture. TON consists of master chain and even up to 292 side chains. They want to combine minimum transaction time with maximum security levels and build a user-friendly interface to create light wallets, exchanges or identification services. It can become a VISA/Mastercard alternative for the decentralized digital economy.

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