The messaging service wants to launch its own blockchain platform and cryptocurrency and take more than $ 1 billion on the initial coin offering.
Telegram could earn around $ 1.2 billion on its upcoming initial coin offering, reports TechCrunch, who saw in the ICO white paper. Accordingly, the company known for its messaging service of the same name plans its own blockchain platform, the Telegram Open Network (TON), with its own cryptocurrency.
According to TechCrunch, an invitation-only pre-sale, scheduled from January to February, will initially offer token to institutional investors and friends of the company. It should flow into the coffers of the company 600 million dollars. In March, the tokens should also be offered to the general public. Also, revenues of $ 600 million are expected. In total, investors will be offered five million gram tokens.
Largest ICO so far
With a volume of 1.2 billion dollars, it would be the largest ICO so far. In comparison, the former leader Filecoin took in September according to TechCrunch in September 257 million dollars.
With its own block chain in the Telegram Open Network, the company wants to compete with Ethereum and enable a range of block-based services: Distributed storage solutions are planned as well as a proxy service for VPN services, remote apps, smart contracts and peer-to-peer peer transactions.
Telegram currently has more than 170 million monthly users and is also popular in the blockchain community. According to the company, the messaging service is used by more than 60 percent of ICOs for communication.
