Telegram Launches the Biggest ICO Ever

Telegram, an encrypted messaging app launches an ICO, which is expected to be one of the largest ever.

The company's founder, Pavel Durov, wants to develop a payment platform using a multi-blockchain architecture that aims to compete with Visa Inc. and Mastercard Inc.

Telegram Launches the Biggest ICO Ever

Telegram expects to bring digital assets to the mainstream, according to the offering proposals. The Russian Entrepreneur has distanced himself from Russia after resisting demands from the security services to decrypt users’ communications and ceding his VK.com social network to billionaire Alisher Usmanov.

The company is seeking $850 million in a private sale of tokens to large investors this month and $1.15 billion in a subsequent public ICO in March. The information was disclosed by people who held negotiations with the company and asked not to be identified. The messaging service, used as a hub by the cryptocurrency market, previously sought to raise a total $1.2 billion, but now the company is aiming to go for a bigger score.

According to Gregory Klumov, a managing partner of Exante which trades cryptocurrencies, the demand has been so high that a secondary market has already been formed to cope: “Some western funds that received a pre-ICO allocation are already offering to resell since the price of the public ICO in March will be twice as high.”

According to investors, Telegram may raise $850 million in private sale. Now, a new report released by investors says the encrypted messaging service Telegram, increased the target for the largest initial coin offering ever to $2 billion.
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