Telegram ICO sells-out 2nd round allocation, closes in on $2bn

The Gram coin, which will power messaging app Telegram’s proposed ‘Telegram Open Network’ (TON) decentralised apps, proves very popular – again. 

Telegram has, once again, filed documents with the US SEC attesting to the success of its ICO – centred around its own coin, the Gram, and its proposed TON system. TON will be a blockchain-powered suite of decentralised apps that will, leaked information says, include a storage system (TON Storage) and anonymiser/proxy service (TON Proxy).

After a wildly successful, and intriguingly secretive first round of funding ended in February, Telegram returned to the well in March – with an apparently inflated pricing structure – and once again exceeded even its own expectations. Its filing, which complies with the US Securities and Exchange Commission’s limited rules for offerings that are limited to ‘Accredited Investors’ (i.e. not open to the general public, but rather funds and individuals with pockets on the deeper side), attests to it once-again selling out its full allocation of Gram thanks to just 94 investors. That means, according to some simple math, each dropped an average ‘just’ in excess of $9m each to get in on the 1st floor of the ICO – having missed out on the massive discounts seen at ground level in round 1.

Telegram’s apparent hard cap this time around was, as with its first offering period, $850m – which now takes its TON war chest to a total of $1.7bn. That’s above the widely reported $1.2-1.6bn it was aiming for, and blows every other ICO so far out of the water. That Telegram has achieved this having never officially published a publicly available and peer-reviewable White Paper on Gram or TON – and thus ongoing doubts about how its system will actually work – probably attests to the respect with which it is considered in crypto-centric circles as the messaging system of choice.