Crypto Frontline

Telegram ICO Raised $850M

Telegram ICO Raised $850M

Telegram ICO Raised $850M
February 18
11:38 2018

The year 2018 had started with a new record ICO. Telegram or TON (Telegram Open Network) managed to raise a record-breaking amount of cash and it is now the leading ICO of all times. Before we dig into the subject, let’s describe a little the project.

Telegram Open Network – general details

As the white paper describes in greater detail, the Telegram network can accomplish many functions, as it follows:

  • It can be a peer-to-peer network that can be used for receiving updates, accessing the blockchain and sending transaction candidates. The P2P network can also support arbitrarily distributed services.
  • A flexible multi-blockchain platform that can process millions of transactions per second. It can support multiple cryptocurrencies and off-chain payment network.
  • A distributed file storage technology that will store copies of blocks and also arbitrary files.

 

The record-breaking ICO

According to a document sent to the SEC a few days ago, it seems like the CEO of Telegram, Pavel Durov reached and even exceeded its first milestone. The pre-sale was initially targeted at $600 million but due to huge demand, the figures rose to $850 million. A record-breaking ICO performance that proves the trust investors have in the project.

Telegram already has a messaging app that is currently used by the majority of the ICO projects. Besides the app, the company wants to expand the activity with the features we’ve mentioned at the beginning of the article.

Also according to the document sent to the SEC, the security is described as “purchase agreement for cryptocurrency”. Due to its huge number of features, Telegram ICO surpassed by a large the previous most successful ICO, which was Filecoin. The Telegram ICO sets a new milestone in terms of records and it is hard to believe whether there will be another ICO with such success in the near term.

The $850 million is just the pre-sale, the whole ICO being estimated to reach around $1.2 billion. The Telegram ICO proves that there is still increased interest from investors to place their money in such projects, which also gives a positive to cryptocurrencies as well.