Telegram ICO Raises $850 Million

Telegram closed its pre-sale ICO at record-breaking numbers. The team sent a document to the U.S. Securities and Exchange Commission (SEC) in which they claim that they have generated $850 million, so far. The SAFT backed ICO was aimed at major venture capital firms and other cryptocurrency whales. For putting money in early, these investors will receive discounts on the platform’s GRAM tokens. The public token sale is set for March and the team anticipates it will raise another $600 million more. However, that number may grow after the immediate success of the Telegram pre-sale. The messaging app was founded by Russian entrepreneurs Pavel and Nikolai Durov who banked on their social media company VKontakte. Telegram runs very similarly to WhatsApp but is said to be more secure. Its current business model currently makes no revenue, as Pavel Durov currently pays for all the app’s expenses via the $300 million made from their first social media company. Despite all the excitement around the mobile messaging application and the insane amount of money raised in its pre-ICO, some individuals remain unimpressed. There have been many critics that have questioned the app’s security in the past. The app doesn’t encrypt its messages by default and many just assume it does, but it must be turned on as an additional setting.

Reference: https://cryptocurrencynews.com/icos/ico-news/telegram-ico-850-million/

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