That lock-up is one reason why cryptocurrency hedge funds are staying away from the red-hot deal. The company doesn't expect those tokens to be listed on a major exchange until 2019. There's a lock-up for the ICO, meaning investors won't receive their TON tokens, or Grams, until December 2018, at the earliest. The so-called TON (Telegram Open Network) will 'host a new generation of cryptocurrencies and decentralized applications,' according to a white paper reviewed by Business Insider.

The company is set to use the funds raised from the ICO - which is kind of like a crypto-twist on the initial public offering process - to build a protocol to rival the Ethereum platform. The exact amount to be raised is still being determined, according to sources, but two other sources said Telegram is estimating it will be around the same size as the first round, which would bring the total raised to over $1.6 billion before the ICO even opens up to the general public.' ' This week, investors got an email explaining that Telegram is doing another private presale four sources with knowledge of the deal told The Verge. Here are the important details from the report (emphasis ours): Now it's planning another pre-sale, according to a report by The Verge. The company ended up raising $850 million, according to crypto watcher Jon Russell at TechCrunch. Telegram's eye-popping initial coin offering just keeps getting bigger.īusiness Insider first reported that the messaging app operator, which is a darling of the crypto world, was trying to raise $600 million in a private sale before its public initial coin offering.

But some cryptocurrency hedge funds are sitting the sale out because of its high valuation and long lock-up period.

The messaging app company could raise as much as $1.6 billion before even opening up to the public.

Telegram is going to hold a second pre-sale for its blockbuster initial coin offering, according to a report by The Verge.

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