Telegram Raises Another $850 Million For Largest ICO Ever
Messaging app Telegram has raised an additional $850 million for its initial coin offering, according to documents filed with the SEC on Thursday. The funding means that Telegram has raised a total of $1.7 billion so far for what will likely be the largest ICO in history.
Telegram last raised $850 million in February for its first round of funding. Rather than issue traditional company shares, Telegram is giving investors discounted rates for its “Gram” virtual coins, which will be used to build a decentralized network for the Telegram app.
While investors were required to cut multi-million dollar checks to buy heavily discounted Telegram coins for the app's first round of funding, this second $850 million round required a minimum investment of $1 million, Telegram told the SEC.
Dubai-based Telegram is reportedly planning to raise yet another $850 million in a third offering to investors, bringing its grand total of funding to roughly $2.5 billion. Telegram planned to sell its Grams in a public presale as well but abandoned the plan after the SEC increased its scrutiny of the ICO market, according to a person familiar with the matter. The app recently [announced] (https://telegram.org/blog/200-million) that it has 200 million monthly users.
*Reporting by Alex Heath.*
Shan Aggarwal, VP of Corporate and Business Development at Coinbase, discusses the company's acquisitio of Deribit as it heads into the S&P 500. Watch!
American businesses that rely on Chinese goods are reacting with muted relief after the U.S. and China agreed to pause their exorbitant tariffs on each other’s products for 90 days. Many companies delayed or canceled orders after President Donald Trump last month put a 145% tariff on items made in China. Importers still face relatively high tariffs, however, as well as uncertainty over what will happen in the coming weeks and months. The temporary truce was announced as retailers and their suppliers are looking to finalize their plans and orders for the holiday shopping season. They’re concerned a mad scramble to get goods onto ships will lead to bottlenecks and increased shipping costs.
Shopping expert Trae Bodge discusses how talks between the U.S. and China is good news for now, but uncertainty remains for back-to-school and the holidays.
Jake Traylor, White House reporter at Politico, joins Cheddar to discuss how Trump is aiming to lower drug prices and how it differs from Biden's approach.
DJ X, alongside Molly Holder, Senior Director of Product Personalization, takes us inside Spotify's A.I. DJ and how it's the best new way to listen to music.
Sheryl Palmer, CEO of Taylor Morrison, talks tariff uncertainty, being a female leader in a male dominated industry and what homebuyers need to know. Watch!
