Telegram manages to gain over $850M for its ICO

The secure and secretive messaging app Telegram, which was designed by two Russian brothers, has been serving as a hub for crypto traders and investors and has now successfully collected over $850M for its billion-dollar ICO expected to be launched by the start of the second quarter of 2018.

As a matter of fact, it was clear that Telegram needed a new source of funding as it did not rely on advertisements. The document submitted to SEC depicted that the money was raised “for the development of the TON Blockchain, the development and maintenance of Telegram Messenger and the other purposes.”

The initial pre-sale target was to collect $600M which was directed at big investors and venture capital firms but the company has managed to collect an extra $250M, according to Bloomberg.

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Now, the question is if this ICO whose pre-sale has already surpassed the top ICOs of all time, will actually turn out to be a promising one or the biggest scam of the decade?

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