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.*
Wendy's announced they are testing out fluctuating prices throughout the day for certain products based on demand. Who will groan the most: lunch-breakers, dinner drivers or late-night goblins?
Shubha Dasgupta, CEO of Pineapple Financial, discusses incorporating artificial intelligence with its newly announced ‘Maui’ tool, plus plans for expansion.
Chair of Penn Engineering’s Department of Computer and Information Science Zachary Ives shares how the department is building its artificial intelligence degree program.
Frances Stacy, Optimal Capital Director of Strategy, breaks down why the latest data indicates the economy may be struggling more than expected, plus some sectors she’s watching.
The Federal Trade Commission is suing to block a proposed merger between the two grocery stores. The FTC says the $24.6 billion deal would eliminate competition and lead to higher prices for millions of Americans.
Terecircuits CEO Wayne Rickard explains some of the other companies set to benefit from the Nvidia-led chipmaking rally, including manufacturing and toolmaking companies.
Axios reporter Erin Doherty breaks down the results from the South Carolina primary as former President Trump gets closer to winning the GOP nomination.
