Telegram managed to raise $850M for its billion-dollar ICO

All know about Telegram, the Russian-created secure messaging service and competitor to WhatsApp. Well, it seems that they entered the blockchain world.

The rumours started earlier this year when they said that they’re planning to launch a third-generation blockchain called the “Telegram Open Network (TON)“.

Telegram’s blockchain network is expected to have much more features than Ethereum blockchain  and is expected to be much bigger in terms of network operations and scalability.

In addition to transporting its messaging platform to its decentralized TON network, Telegram aims to bring a lot of features like services for decentralized apps, smart contracts, and decentralized web browsing experiences. Also it should have distributed file storage akin to services like Dropcoin and ICO company Filecoin. There is a proxy service for creating decentralized VPN services and TOR-like secure browsing environments based on the blockchain and of course payments for micropayments and peer-to-peer transactions.

The first milestone is obviously done by raising $850 million out of its proposed plans of raising $3-$5 billion, through their token sale. Telegram’s user base is very big and that’s one of the main keys to the success of this platform as it serves a total of 180 million active users, with 500,000 new sign-ups over 70 billion messages exchanged daily.

According to the official document signed by Telegram CEO Pavel Durov and filed with the U.S. Securities and Exchange Commission (SEC) last week, Telegram raised the money “for the development of the TON Blockchain, the development and maintenance of Telegram Messenger and the other purposes.” The filing shows the sign of Telegram CEO Pavel Durov and the security is described as “Purchase Agreements for Cryptocurrency.”

The also says that “the issuers intend to use the proceeds for the development of the TON Blockchain, the development and maintenance of Telegram Messenger and the other purposes described in the offering materials.”

One of the first investors reported, is Russian billionaire Roman Abramovich. Sources claim that Abramovich had may have invested as much as $300 mln.

Sergei Solonin, CEO of Russian payment service provider QIWI, invested $17 mln and David Yakobashvili, co-founder of Russian-based dairy product company Wimm-Bill-Dann, told the publication that invested $10 mln in the project.

Teuta Franjkovic

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