Telegram Raises $1.7 Billion from its Two Pre-ICO Sales

The telegram has productively brought up another $850 million through its initial coin offering (ICO) private sale, public papers indicate.

Cloud-based Secure messaging application Telegram has increased a total of $1.7 billion in 2 pre-sales before an Initial Coin Offering (ICO) for producing its Blockchain platform “Telegram Open Network” (TON) and own cryptocurrency “Gram.”

Back in February, Telegram established a presale because of its cryptocurrency before an Initial Coin Offering (ICO), increasing $850 million from 81 shareholders, and after that month, it was launched a 2nd personal presale, where it planned to double that amount. Bloomberg Technology reports that the company did this, and has increased a total of $1.7 billion in March between the two earnings.

Telegram Raises $1.7 Billion from its Two Pre-ICO Sales

The market, that relies on the Simple Agreement for Future Tokens (SAFT) frame, maybe is not over yet. The filing says that, “The exemptions could pursue one or more following offerings” As previously mentioned, Telegram might attempt to increase up to $2.55 billion. Though the Form D didn’t disclose the number of investors, it’d notice that only entities or people investing a minimum of $1 million have been permitted to participate.

In spite of all the enthusiasm surrounding the Telegram ICO, lingering doubts exist. The very first issue that most from the cryptocurrency community have increased is Telegram’s desire for enormous capital to develop the system. Most jobs from the past have raised an adequate sum of money that has been utilized to create multi-billion dollar jobs. Ethereum, that is present among the largest names in the cryptocurrency world and is now worth over $37 billion, just increased $20 million throughout its own fundraising rounds. The huge sum raised will need Telegram to become worth at least $2 billion dollars for this to provide investors a return on their investment.

Source Verge CoinDesk
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