Telegram’s billion-dollars messaging app TON has raised a whopping $850 million in its pre sale round. The funding round saw venture capitalists participate in telegram ICO’s first stage.The launch of this service is scheduled for 2019, however, the company is still to develop its underlying technology.
According to a filing, Telegram has reached its first milestone and raised an initial $850 million for its billion-dollar chat app.
As per the document that has been submitted to SEC this week, the security has been described as purchase agreements for cryptocurrency that is duly signed by Pavel Durov, the CEO of Telegram. It has also been stated in the filing that the money was raised “for the development of the TON Blockchain, the development and maintenance of Telegram Messenger and the other purposes.”
Telegram Open Network ICO or TON is Telegram’s third generation blockchain that has superior capabilities. As it has been reported, the launch was to be funded with a massive ICO that will be the largest one till date. It had been expected that the pre-sales would range into hundreds of millions due to the popularity of this well-established messaging platform that is used all over the world.
The sum raised is likely to be the presale that was targeted towards the top figures and venture capital firms of the investment community. Apparently, these community members were given heavy discounts to buy the Gram token. The original target for this presale was $600 million, however, the heavy demand for this token raised the figure to $850 million.
It had been reported by Bloomberg that the public sale component would extend to $1.15 billion that on being successful will bring the total amount raised to the value of $2 billion. According to the documents, initially, Telegram planned to raise $600 million to develop its TON project through a public sale that basically starts in March. However, with $850 million raised in presale, it’s to be seen if it will adjust the figures now.
The presale figure of $850 million, makes it one of the top ICOs till date.
The excitement telegram ICO is rising and investors are already speculating the upcoming telegram coin price. Telegram Open Network ICO sale is the first outside investment made in Telegram as it was self-funded by the Durov brothers. Given the company’s position within cryptocurrency community, the demand for token sale has been unprecedented.
When it comes to the project, Telegram is planning to develop a number of services along with its chat app that includes distributed file storage, services for secure browsing environments, decentralised apps and smart contracts.
Talking about an early “MVP” version of TON, it will release in Q2 2018 while Telegram’s wallet service will release in the final quarter of the year. Though the launch of TON services is scheduled for 2019, Telegram has yet to develop the underlying technology for the same.
What do you think of Telegram’s presale being such a huge success? What you think will be the Telegram coin price? Let us know your thoughts in our comment section below!
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