CryptoCoins: Telegram Raises $1.7-B Ahead of Largest ICO Ever
Bitcoin has chilled in here but, investors buying onto what is expected to be the largest ICO (initial coin offering) ever, the messaging app Telegram.
Telegram, a 5-year-old company, which has attracted users by extolling its encrypted-messaging service, raised $850-M from 94 accredited investors in a Securities and Exchange Commission filing late Thursday.
That 2X’s a prior raise 1st disclosed in mid-February, adding up to a total of $1.7-B raised by the firm incorporated in the British Virgin Islands (BVI).
The interest in Telegram comes at a time when the price of Bitcoin has fallen to fresh lows in Y 2018. Once nearly $20,000 in December 2017, the cryptocurrency fell 6% to $6,600 on Friday.
Currently, Bitcoin is trading at: 7,001.3052, +154.20, or +2.25% at the close: 1:18 close BST
Telegram did not respond to requests for comment.
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.
People are already ‘flipping’ TONs for millions.
The SEC has is wary of ICOs as it has no oversight or regulatory authority.
The SEC declined to comment.
Have a Happy Easter