In Feb, secure messaging service Telegram established a presale for its cryptocurency prior to an initial piece Offering, increasing $850 million by 81 investors, and after that month, The Verge learned that it was launch a second personal presale, where it targeted to double that amount. Bloomberg Technology reports that the company did just that, and has increased a total of $1.7 billion in March between the two sales. In a filing to the Securities and Exchange Commission, Telegram claims that it increased an additional $850 million by 94 investors in the second sale, bring the total amount to $1.7 billion. It also states that it may follow one or more subsequent offerings, beyond these first two sales.
The company is looking to establish what he calls Telegram Open Network, an Ethereum like ecosystem with programs, services, and a store for digital and physical products, and in its filing, states that it is planning to utilize the profits from the ICO to finance its development.