Telegram launched their own token sale on January 29th that has already raised $850 million with only 81 investors, making the average single investment just over $10 million. They plan on raising over $1 billion during the ICO. This smashes the previous record to make a new all time high from blockchain token sales. What is Telegram planning on doing with over $1 billion? Launch the new “Visa” of the crypto-currency world called TON.
The whitepaper claims that currently, there is no current standard cryptocurrency used for the regular exchange of value in the daily lives of ordinary people. Bitcoin is the current most recognized and highly used “store of value” and Ethereum is the most popular, efficient platform for token crowd sales. With their current architecture they are limited to a maximum of only 7 transactions per second for Bitcoin, and 15 transactions per second for Ethereum. If only 25,200 people tried to buy groceries with Bitcoin at the same time, worldwide it would take an hour to process those purchases. TON is promising to become the pioneer in day-to-day transactions for the crypto world, promising speed, and mass adoption efficiency.
According to this document filed with the Securities and Exchange Commission, https://www.sec.gov/Archives/edgar/data/1729650/000095017218000030/xslFormDX01/primary_doc.xml , Telegram has already raised $850 million in their presale with intent to raise over $1.25 billion including the ICO phase. They will also use the funds for “the development and maintenance of Telegram Messenger and the other purposes described in the offering materials.”
We have all been looking for that coin that will take us mainstream and be used worldwide in simple, daily transactions. With Telegram handling 170 million monthly users in late 2017, delivering 70 billion messages every day, and over $1 billion in seed money raised, they may just be the answer.