Telegram Aims to Raise $2.5 Billion for its ICO

Telegram Aims to Raise $2.5 Billion for its ICO

in News

Encrypted-messaging startup Telegram Messenger LLC has raised an additional $850 million in its initial coin offering (ICO) filing more papers with the US Securities and Exchange Commission (SEC). So, during its pre-sale campaign Telegram gas raised a total of US$1.7 billion. And it’s not even finished yet. The company originally said it intended to cap the ICO at $2 billion.


There is even speculation that the Telegram Group Inc. could amass as much as US$2.55 billion during the three rounds of funding. Telegram users will have access to the TON wallet (TON is the name of the blockchain and stands for Telegram Open Network), meaning Gram could immediately become “the world’s most adopted cryptocurrency.” 


The identities of individuals and companies investing in the ICO have not been disclosed. But CoinTelegraph reported that one of the investors in the first round of the ICO was Russian billionaire Roman Abramovich with a $300 million investment, while other investors include Sergei Solonin, the founder of payment service provider Qiwi, and David Yakobashvili, founder of Wimm-Bill-Dann foods.


The impact of Telegram’s ICO will be “a double-edged sword,” said Darren Franceschini, the chief executive officer of Blockchain Technologies Consulting in Canada.


“It will show that there is room for established businesses to join this space with a capital raise of their own,” he said. “It will unfortunately also provide a new sense of possibility amongst others when it comes to their raising capabilities that may further saturate the market.”


Demand in the ICO’s second round is lower than for the first, and some investors were given extra time to produce the funds, two of the people said.


Earlier this week, a Russian regulator said that Telegram must provide its encryption codes to the Federal Security Service within 15 days, under anti-terrorism laws, and may block the messenger should it fail to comply. Telegram had just lost a bid before Russia’s Supreme Court to continue denying access.


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