Messaging app Telegram has raised $850m in the pre-sale stage of an initial coin offering (ICO). According to the report from Bloomberg, the pre-sale was initially targeted at $600 million but higher investors interest and demand caused it to push the amount to $850 million. The proceeds will go towards development of a third-generation blockchain called the Telegram Open Network, which is expected to offer more features than Ethereum and be larger in terms of scalability. In addition to its own cryptocurrency, Telegram, founded by Russian internet entrepreneur Pavel Durov, also plans on using the tokens it raises for developing new applications that can help people communicate with each other Telegram aims to raise $3bn-$5bn in total.
Messaging app Telegram has raised $850m in the pre-sale stage of an initial coin offering (ICO). The proceeds will go towards development of a third-generation blockchain called the Telegram Open Network, which is expected to offer more features than Ethereum and be larger in terms of scalability. In addition to its own cryptocurrency, Telegram, founded by Russian internet entrepreneur Pavel Durov, also plans on using the tokens it raises for developing new applications that can help people communicate with each other Telegram aims to raise $3bn-$5bn in total.