Telegram Raises $850 Million In Initial Coin Pre-sale

Telegram Raises $850 Million In Initial Coin Pre-sale

in News
The encrypted messenger Telegram has raised  $850 million under the SEC exemption Rule 506(c) from 81 investors for “the development of the TON Blockchain, the development and maintenance of Telegram Messenger. According to an SEC (US Securities and Exchange Commission)  filing (Notice of Exempt Offering of Securities”), the money will be used to develop its own blockchain architecture for payments, develop and maintain the Telegram Messenger and for other corporate purposes. The sale promises to be the largest ICO seen to date. The pre-sale figure alone tops all other ICOs held by some margin.
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Demand around the token sale has been 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 as ‘pump and dump’ scammers. The company has touted a grab-bag of services it hopes to build around the token including:
  • Distributed file 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, smart contracts, and decentralized web browsing experiences
  • Payments for micropayments and peer-to-peer transactions
Fundraising plans for Telegram have continued to skyrocket. This pre-sale to investors already dwarfs the $257m raised by file coin. The ICO planned for March was originally hoping to raise $600 million but Bloomberg reported that could rise to $1.15 billion, or beyond. Although the SEC filing did not contain the names of any investors in the Durov’s securities offering, Russian news outlet Vedomosti revealed the names of some of the largest alleged investors, citing inside sources. Russian billionaire Roman Abramovich, who purportedly has already invested in cryptocurrencies, reportedly was one of the first Russian citizens to be approved to invest in the project. One source allegedly close to the billionaire told Vedomosti that Abramovich had invested as much as $300 mln, however, another source claimed the sum was closer to $20 mln. Sergei Solonin, CEO of Russian payment service provider QIWI, invested $17 mln, Vedomosti writes. David Yakobashvili, co-founder of Russian-based dairy product company Wimm-Bill-Dann, told the publication that invested $10 mln in the project. The app is very secure for it has 256 bit symmetric AES encryption, 2048-bit RSA encryption, and Diffie-Hellman secure key exchange. The app also the capability of hosting super groups that can hold up-to 100,000 members. And you can share with them a bunch of documents, gifs, audio and video files. All these activities can be viewed on all devices the user has logged on. All conversions have the option of being saved on the Telegram servers. This reduces the constant issues of running up the phone’s memory with chat histories. The most advantageous thing about Telegram is the ability to create programs inside the app known as bots. These bots can do a variety of things including being a group moderator, giving you real-time prices for the various cryptocurrencies and can even be utilized by your utility companies as a means of checking bills. It is these capabilities that make Telegram the choice of so many cryptocurrency traders when they want to chat about their favorite coins and ICOs. All ICO websites usually have a Telegram link to their group or news channel.   Do you use Telegram messenger? Are you going to buy TONs? Why? Share your thoughts in the comments section below.

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