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.*
Should real estate agents fear AI? Tushar Garg CEO at Flyhomes says no. He joined Cheddar to discuss the future of AI in the Real Estate business and more.
Christopher Zara, Senior Editor at Fast Company joined Cheddar to discuss the newly formed "DOGE"’s new goal to cut 2-trillion dollars from federal spending.
Sharon Price John CEO and President at Build-A-Bear Workshop discusses leading the brand, new offerings, the status of Brick-and-Mortar experiences and more!
A message left at the scene of an insurance executive’s fatal shooting echoes a phrase commonly used to describe insurer tactics to avoid paying claims.
Ryan Serhant, Founder and CEO of SERHANT, discusses the current Real Estate Market, the launch of S.MPLE by SERHANT, Season 2 of Owning Manhattan and more.
Vulture contributor Fran Hoepfner talks the Wicked film's marketing campaign, why 'culture jacking' works so well and how it all paid off for the hit musical.