It looks like Telegram’s billion-dollar ICO has reached its first milestone after the chat app company raised an initial $850 million, according to a filing.
This initial sum is most likely the pre-sale stage of the ICO which, as
Telegram initially planned to raise a further $600 million to develop its TON project via a public sale that starts in March, according to documents seen by TechCrunch, but it remains to be seen whether that figure will be adjusted. Bloomberg previously suggested the public sale component would expand to $1.15 billion, bringing the total raised to nearly $2 billion if successful.
Telegram CEO Durov did not reply to an emailed request for comment at the time of writing.
Either way, the sale promises to be the largest ICO seen to date. The pre-sale figure alone tops all over ICOs held by some margin.
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
As for the project itself,
- 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
An early ‘MVP’ version of TON is scheduled for release in Q2 2018 with the Telegram wallet service penciled for the final quarter of the year. Beyond that, its TON services are planned to launch in 2019 but Telegram is still to develop the underlying technology that it claims will enable them.
Despite that, it has been busy shipping new products this year.
Earlier this month, Telegram introduced new versions of its messaging apps for Android and iOS, although
Note: The author owns a small amount of cryptocurrency.