Telegram is reportedly running a second pre-sale and is looking to collect $1.6bn from investors before its initial coin offering (ICO) even starts.
This week, investors got an email explaining that Telegram is doing another private presale, The Verge reports, quoting four sources with knowledge of the deal.
Telegram wants to use the funds to build a new platform called the Telegram Open Network (TON) and incentivize its users with a cryptocurrency.
Telegram’s public ICO, the most anticipated the cryptocurrencies world has seen, was expected to take place in March. It’s unclear if the new second private offering affects the timeline for the public sale or how many coins will be available to the public at launch.
Telegram delivered a document to the US Securities and Exchange Commission earlier this week. saying it had raised $850 million from 81 investors before its planned Initial Coin Offering