A document was filed with the U.S. Securities and Exchange Commission(SEC) this week by Pavel Durov, CEO of Telegram. It stated that the company was able to raise a whopping $850 Million in a private pre-sale for its Blockchain project. The pre-sale was limited to friends and family where the minimum buy-in was set at $10 Million.
The document submitted to SEC states the money was raised for “Development of TON Blockchain, development and maintenance of the messenger and other purposes”. The document also mentioned other things like the money was raised with purchase agreements for the Cryptocurrency since it is not out yet.
Usually, pre-sales are given to large investors with a significant discount which is not offered to investors who participate in the public sale. Something similar is expected with Telegram’s ICO also. With $850 Million raised in a private Pre-Sale, it is expected that the company is set to raise another $600 Million to $1 Billion in an open public sale.
Telegram will be building it’s own Blockchain network called TON (Telegram Open Network) which will make use of it’s coin called Gram. The exact applications of the token is not clear yet, but users will be able to transfer this token seamlessly to other telegram users.
There’s a lot of demand and excitement for Telegram’s token since the messenger itself is extremely popular among Cryptocurrency investors worldwide. Quarts recently reported that pre-sale investors have already sold their allocations for double the cost.
This puts Telegram’s ICO the biggest one by a large margin till date even without a Public sale yet. Other ICOs which raised the most in order are Filecoin and Tezos which raised $250 Billion and $230 Billion. Telegram is set to raise more when they do a public sale later this year.