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Messaging App Telegram, Plans to Have USD $500 million pre-ICO

Messaging App Telegram, Plans to Have USD $500 million pre-ICO

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The new platform, Telegram Open Network will be based on an improved version of the blockchain technology and will be a ‘third generation’ blockchain with superior capabilities over the Bitcoin or Ethereum networks.

In brief:

Telegram plans to launch the biggest Pre-ICO in history with USD $500 mln in private sale to fund its new Blockchain platform and cryptocurrency.

The encrypted messaging app Telegram is preparing for the biggest Pre-ICO in order to fund a blockchain platform and a cryptocurrency, named Telegram Open Network (TON). As reported by TechCrunch, Telegram aims to raise USD$500 mln in private sales, a project that would break all records with a multi-billion dollar token launch.

The new platform, Telegram Open Network will be based on an improved version of the blockchain technology and will be a ‘third generation’ blockchain with superior capabilities over the Bitcoin or Ethereum networks. With this, Telegram is launching its own Initial Coin Offering so as to enhance the potential of its network and to include a cryptocurrency into its chat application.

Telegram is a popular messaging app with 180 million users which is known for its high security, speed and simplicity to use. This move marks a crucial step for the ICO industry and this new cryptocurrency will position Telegram as one of the biggest independent payment systems all over the world. Telegram’s co-founder, Pavel Durov, claims that the messaging app is being used by the blockchain community as a whole and it is well-known among cryptocurrency owners.

Interestingly, unlike other ICOs, Bitcoin, Ethereum or any cryptocurrency will not be accepted to buy TON tokens. Only US Dollars and possibly other fiat currencies will be allowed to make payments.

WeChat, a popularly used app by several individuals and enterprises offers the possibility to pay for different services and products in China. While WeChat is a centralized platform, Telegram is known as a decentralized one. As such TON would offer more privacy, reliability, and security to the users. Moreover, TON will integrate Cryptocurrencies and fiat currencies.

The company also declared that TON will be more than just a cryptocurrency, allowing for further developments on the Telegram platform. The ICO has caught the attention of different enterprises, like Mail.Ru Group, the fund that bought Durov’s last company VKontakte. The initial coin offering is expected to be launched this year.

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