Home / Bitcoin News / Messaging app Telegram Successfully raised $850 Million in ICO
Messaging app Telegram Successfully raised $850 Million in ICO
Messaging App Telegram has effectively raised another $850 million through its Initial coin offering (ICO) private sale, Reported through a signed Notice to U.S Security and Exchange Commission
The organization declared it had brought $850 million up in late February in the Initial ICO stage, which was at that point at the time one of the biggest sums raised by means of a token sale to date.
Well, the Document states that “this $850,000,000 offering is in addition to the past offering,” demonstrating that the organization has now surpassed its initial target of $1.2 billion, and has collected an aggregate of $1.7 billion.
The token sale, which depends on the Simple Agreement for Future Tokens (SAFT) system, perhaps isn’t finished yet. The document states that “The issuers may pursue one or more subsequent offerings.” As beforehand detailed, Telegram may endeavor to raise as much as $2.55 billion.
While the Form D did not reveal the identity of investors, it noted that 94 different entities took part in the ICO contributing at least $1 million were permitted to take part.
The assets will be utilized to build up the Telegram Open Network (TON), a yearning blockchain intended to decentralize numerous features of digital communication, ranging from file sharing to browsing to transactions.
“The backers plan to utilize the returns for the advancement of the TON Blockchain, the improvement, and support of Telegram Messenger and alternate purposes depicted in the offering documents,” as per the SEC filing.
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