Raising $850 Million, Telegram ICO Slays BlockChain Fundraiser
Mar 30, 2018 Posted / 1019 Views
Something which was never thought of was achieved by telegram ICO when it outset Blockchain Fundraising by minting in a support of $850 million, since Jan 29 when the tokens were up for sale officially.
According to the report filed by the telegram ICO to the US Securities and Exchanges, only 81 investors pitched in initially, with the average unding being $10 million (more or less).
The ICO for telegram is reported and registered under Rule 506(c) of Securities Act Regulation D, which stipulates that unregistered securities issuers may raise an unlimited amount of money and generally advertise the offering as long as they restrict contributions to accredited investors, file a report with the SEC, and prevent investors from selling their stakes for a predefined vesting period of either six months or one year.
As observed by Techcrunch, this phenomenon is the likely end of the conclusion of the presales of the tokens issued by the Telegram ICO and not of the main event, as it is yet to happen ie, the company is yet to hold other subsequent funding rounds.
What was worth observing was that telegram was never keen on going public with the funding needs and targeted on $600 million which is outperformed by getting as much as 45% more than expected. Filecoin, its major competitor however could bring in only $260 million in its funding phase.
This project however had its share of doubts when the cryptocurrency developers raised doubt over it, but even that did not bring in any hindrance in its working, and was the topic of interest to all the investors.
However, the software by telegram was subjected to backlash after some Russian hackers hacked it and forced the users to download some malicious files on their desktops and mobile phones.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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