Telegram messenger attracts $850 mln in second ICO

World Materials 31 March 2018 02:47 (UTC +04:00)

Pavel Durov’s Telegram has attracted $850 mln as a result of the second initial coin offering (ICO), according to the data of the US Securities and Exchange Commission, TASS reports.

During the first ICO the messenger attracted a similar amount of money. Now the total amount of funds raised via two ICOs reached $1.7 billion.

According to SEC, Telegram needs these funds to develop a new platform called Telegram Open Network or TON. The structure will be based on the blockchain and the new messenger versions will have new tokens called Grams.

Telegram is a cloud-based instant messaging service.

In January, Russia’s Finance Ministry published the draft law "On Digital Financial Assets" regulating its issue and turnover. The document, in particular, defines tokens, establishes the procedure for conducting ICO (Initial Coin Offering), and also determines the legal regime for cryptocurrencies and minining.