Telegram Raises $1.7 Billion Ahead of Largest ICO Ever Despite Bitcoin Decay
The Bitcoin enthusiasm must have taken a large number of people via its prospects, however, investors are still piling onto what’s expected to be the largest initial coin offering (ICO) yet—that of messaging app Telegram.
Telegram, whose initial date release was in August 2013, has pulled a lot of users by touting its encrypted-messaging service, raised $850 million from 94 accredited investors in a Securities and Exchange Commission filing late Thursday.
This is a very notable thing, owing to the fact that the previous raise was doubled first disclosed in mid-February, adding up to a total of $1.7 billion raised by the firm incorporated in the British Virgin Islands.
And the fundraising might not stop there. The Thursday filing read, “The issuers may pursue one or more subsequent offerings.”
The interest in Telegram, is developing at exactly the time when the Bitcoin coin is has been hitting a series a lows since the start of 2018. Once as high as $20,000 in December, the bitcoin price fell 6% to $6,600 on Friday.
The firm is thought to be using the proceeds from the private funding rounds to build a blockchain network, the Telegram Open Network (TON). The network would allow Telegram’s 200 million users to pay for services on that blockchain, using the cryptocurrency Gram.
The fundraising comes at a time when the SEC has grown increasingly wary of ICOs.
With so many turn of events in the cryptocurrency world, the interests have been shifting. The bitcoin price is the one mainly accountable for channeling interest onto other crypto related platforms.
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