In mid-February, it became known that the Durov brothers had collected $ 850 million from major investors in a first pre-sale of the telegram token. Thus, the Telegram ICO was by far the largest ICO ever performed at this time. In a non-public, second round, they have now raised another $ 850 million in capital.

This is evidenced by a document submitted yesterday by Telegram Group Inc. to the US Securities and Exchange Commission, the Securities and Exchange Commission (SEC). Although the document does not disclose who has invested in the telegram ICO. However, it can be seen that 94 investors participated in the second round, with the minimum investment for an investor being at least one million US dollars.

The investment also required accreditation to enable Telegram to execute the ICO under Regulation 506 (c), which allows a company to promote the offer and still meet the requirements of the tax exemption.

The first round of the ICOs took place from January 29 to February 13, 2018 and was also capped at $ 850 million. A total of 81 investors participated in the first round. In total, 1,700 million US dollars have already been taken.

So far it is still unclear whether there will be a public ICO. Previously, participation was only possible by invitation. However, buyers of the first two rounds could probably enjoy considerable price advantages, as is usual with ICOs. Although officially no information has been disclosed. However, unconfirmed numbers are circulating that a 1 gram in the first round only barely 40 cents US, in the second already cost 1.30 USD.
The telegram project

Telegram plans to use the revenue to develop a blockchain, which should make the current market leaders Bitcoin and Ethereum considerable competition. The native token should be named GRAM.

The White Paper of the Telegram Open Network (TON) was already leaked in early January 2018 and points to the problems of BTC and ETH. In particular, the slow transaction speeds for both currencies are a major drawback if they want to compete with traditional payment service providers, such as VISA or Mastercard.

Furthermore, the whitepaper accuses the two currencies of not doing enough for usability.

TON, on the other hand, addresses these issues by providing a blockchain architecture that can handle millions of transactions per second and an intuitive user interface.

The Telegram app is to be extended by a crypto currency wallet, with which the GRAM can be transferred and used for payment within the app. In addition, the app should offer a way to exchange other currencies in GRAM.

In addition to the messaging app TON is to offer a variety of other services. So TON should also be used as a distributed file storage and as a proxy service to create a decentralized VPN connection. Furthermore, decentralized apps (DApps) and smart contracts are to be developed on the platform.

image by shutterstock

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