Telegram’s Initial Offering TON Reaches $1.7 bn

Telegram’s Initial Offering TON Reaches $1.7 bn

Telegram’s Initial Offering TON Reaches $1.7 bn

While 2018 was said to be the year of ICOs, many of them now struggle to raise capital during Q1, due to the bearish market that started right after the NYE where we saw all-time-highs for almost every major cryptocurrency project as well as altcoins. Some ICOs tho where not affected at all by the bear market and instead accomplished to raise astonishing amounts in capital during their ICO. One of these lucky – or well-calculated projects, would be Telegram‘s native token TON.

Telegram, which plans using its expertise in encrypted distributed data storage to create TON, a fast and inherently scalable multi-blockchain architecture, is relying on its 10-year experience in building user-friendly interfaces for tens of millions users and seeks to create light wallets, exchanges, and identification services that will allow users to get on board with cryptocurrencies in an intuitive way.

TON is regarded to be a decentralized supercomputer and value transfer system. By combining minimum transaction time with maximum security, TON can become a VISA/Mastercard alternative for the new decentralized economy.

Launched in 2018, this cryptocurrency will be based on its own tailored multi-blockchain Proof-of-Stake system (PoS) TON (Telegram Open Network), designed to host a new generation of cryptocurrencies and decentralized applications, according to a press release.

Recently revealed public documents indicate that the giant messaging app provider Telegram has successfully raised another $850 million through its initial coin offering (ICO) during the private sale.

According to a recent Form D disclosure filed with the U.S. Securities and Exchange Commission (SEC) by Telegram founder Pavel Durov on Thursday, March 29, the funds raised were “purchase agreements for cryptocurrency.”

The Russian secure messaging company announced it had raised $850 million in February alone during the initial coin offering’s (ICO) private sale phase, which was already at the time one of the largest amounts raised via a token sale to date – according to CoinDesk.

The disclosure also states that the latest $850,000,000 offering is in addition to the previous offering, concluding that the company has now exceeded its initial target of $1.2 billion, and has managed to raise a total of $1.7 billion.

Pavel Durov, who was forced to sell his remaining stake in Russia’s largest social network, VK, to a Kremlin-affiliated billionaire in 2014, continues saying that “The issuers may pursue one or more subsequent offerings.” Rumors want Telegram trying to raise as much as $2.55 billion before the token sale, which is based on the Simple Agreement for Future Tokens (SAFT) framework, is over.

The encrypted messenger Telegram, which is hack-proof, according to Durov, already has about 180 million users, including 40 million in Iran alone, and it attracts half a million more every day.

While the disclosure did not reveal the number of investors, it did note that only individuals or legal entities investing a minimum of $1 million were allowed to participate. That’s more strict that IPOs (Initial Public Offering) in most cases and definitely the most strict ICO in the history of distributed ledger technology.

Durov previously stated that he and his brother Nikolai, an award-winning mathematician and programmer, were moving from country to country to avoid recruiters from spy and governmental agencies like the FBI, which he claims tried to bribe one of Telegram’s developers in San Francisco.

The locations of his servers are top secret, as are many of his employees, several of whom are also multi-millionaires.

Although we are not sure of where Durov may be “hiding” at the moment, he was last seen in Dubai, where he possibly sought for capital in order to run the most successful ICO of all times.

“The Issuers intend to use the proceeds for the development of the TON Blockchain, the development and maintenance of Telegram Messenger and the other purposes described in the offering materials,” according to the SEC filing.

What you guys think of Telegram and most specific its ICO? Would you join it if you were a millionaire? Let me know in the comments below. – I personally think it is a kick-ass app and I believe that these guys ain’t playing around. This is not another Tron (don’t take me wrong here, I know you’ll agree), but a real breakthrough into the future of cryptocurrencies.

Reporting for The Independent Republic, Ross Peili

 

 

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