Telegram’s pre-ICO aims to be the largest in the world

   355

As reported by TechCrunch with reference to "several sources", Telegram is aiming to raise up to $500 milion in private sales.

Its upcoming Telegram Open Network (TON) would use the tokens for internal user payments. According to sources, only a series of private presets will increase "as much as $500 million", and the subsequent phase of public distribution is planned to increase the value of the token to $3-$5 billion. This would make ICO of Telegram easily the largest ever to have launched, eclipsing Block.One's offer of $700 million last month.

Investors "outside the inner circle" of CEO Pavel Durov may face a buy-in of $20 million and others may be limited to the purchase of TON tokens from fiat rather than Bitcoin or Ethereum, as with previous ICOs.

Telegram has faced contradictions in recent months, especially in Russia, after it refused to transfer user data to authorities in accordance with the laws on confidentiality.

The potential launch for the Telegram wallet has been set in the fourth quarter of this year, and the full package of services in 2019.