As part of what looks like it will amount to by-far the biggest ICO so far, at least by sales, the messaging app Telegram appears to have exceeded its pre-sale goal for Telegram Open Network (TON) and its Gram token.
Though there has been no public release of a Whitepaper or prospectus, TON is said to be being pitched as a decentralised internet service that will utilise a veritable smorgasbord of blockchain-centred tech. Its proposed facilities include distributed file storage, decentralised VPN and secure browsing, smart contracts and micro-payments, all of which can be utilised with its token. The company’s widely reported target is to raise $1.2bn, in the hope of setting up a platform that will rival Ethereum. Whether or not it manages that is one thing, but it is set to blow every ICO that has come before it out of the water in terms of revenue.
Indeed, according to documents submitted by the company last week, the much-reported offering has already raked in $850m so far. The documents appear to say it sold out pre-sale token allocation in blasting past two-thirds of its target. This amounts to a very, very successful sales push, despite the fact that potential investors were rumoured to be required to commit at least $20m in exchange for massive discounts on the target public sale price of $0.97c per Gram.
So TON in now well on its way to that massive target, and has already eclipsed the $257m Filecoin attracted last year to head the big money ICO list by a good margin. And all before the public even get to see what’s on the table.