Telegram’s next funding round to reportedly see price triple

Telegram’s ambitious plans are coming with an even bigger price tag, according to reports…

The next funding round for Telegram Inc’s virtual coins could raise another $800m, according to a new report. Furthermore, by the time the secretive ICO is complete, the total brought in could be more than double – even treble – that amount.

The encrypted messaging app has proven to be popular already in crypto and blockchain circles even before it pursued plans for its own cryptocurrency. The first round of its ICO for tokens known as Grams was reported to be selling them at $0.33 each earlier this year. Formal confirmation, as tends to be the way with Telegram, wasn’t forthcoming, but the rumour mill was incredibly active.

For the next round, that’s now set to begin in March, that price is set to rocket to $1.33 each, if not slightly more. This comes from Bloomberg, who in turn is citing a source who has signed a confidentiality agreement. It’s hard to get a handle on just how much Telegram is looking to raise, but it’d be fair to describe its plans as ambitious. Ambitious, but apparently not unrealistic.

This is unlikely to be the end, either. A subsequent round in Telegram’s ICO could see coins priced as high as $2.40 each next time, which could lead to a $2bn total raised once all rounds are complete. In fact, quite possibly more.

To put this into some context, the largest ICO of 2017, as measured by Off3r, was Filecoin, and that raised $257m. Meanwhile, $44m was raised last year for Status, a messaging app and mobile browser that was regarded as barely being in alpha. Those numbers were seen as on the large side.

It’s little secret that Telegram’s founder, Pavel Durov, is looking to use blockchain technology for a payment technology that can go toe-to-toe with major names in the credit card space. His Telegram Open Network project – TON – is believed to be the ultimate goal of Durov’s project, and he might just have raised a large chunk of the money he needs to fund it.

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