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Telegram Gained $1.7 Billion in a Private Coin and No Longer Plans a Public Sale of Tokens

Telegram, the well-known, messaging app has gained a lot of profit from the small group of private investors. This is led Telegram to call for a sale of cryptocurrency to a wider investing public. According to some source, Telegram Group Inc has fetched around $1.7 billion by trading newly created cryptocurrency to a fewer than 200 private investors.

The startup firm is established by two Russian brothers. It has created to a bloc interest in the private markets for its upcoming projects. It is elaborated as a digital payment and technology platform. Telegram will demand wider users than traditional digital currencies like Bitcoin.

Telegram’s journey

Telegram states that it is utilizing the money that has risen for the project called Telegram Open Network. It is building on the advanced technology and redeveloped to maintain its main messenger service. The telegram has about 200 million all over the world.

The network is structured on “blockchain” ledger technology. Basically, it can become a Visa/Mastercard alternative for a new decentralized economy. The firm has drafted its plan on the 23-page description.

The team has taken a lot of struggle to raise the funds in the money from the month of January to March. It has made Telegram one of the largest initial Coin offerings. Basically, Telegram is the fast-growing field which has drawn both intense investor interest and regulatory concern.

Founders of telegram

Telegram begins with two brothers Pavel Durov and Nikolai Durov. It provides users an encrypted platform which is free from government surveillance. Telegram is been supported by privacy advocates. It critics and preferred communications platform for terrorists, militants, and criminals.

Last year the company featured plans to build an online-services platform based on the blockchain. It is releasing a new cryptocurrency named as the telegram. It is operating on the platform. Telegram is contending traditional virtual currencies such as bitcoin and ether haven’t reached the mass market. Telegram assures to connect these currencies to a broader market.

Last year, Wall Street Journal circulated two-page document revealed that telegram is accepted to raise around $1.2 million. This is splitting between a private and public round of fundraising.

SEC’s statements

SEC reported in February that Securities and Exchange Commission filed that it elevated $850 million from 81 investors in a private deal. The firm is reported to raise another $850 million from 94 investors in a second private deal. The offerings were open to accredited investors so it means that participants need to excess income requirements or to have the net worth of at least $1 million.

Telegrams latest filing says that on March 29, recommended that fundraising is ongoing. The person is the briefing on the topic and telegram is not considering a public deal open to the retail investors.

This deal is open to any investors than for the wealthier and accredited ones. It is opening up the company’s executive to more inquiry. Telegram is pictured by the law firm Skadden, Arps, Slate, Meagher, and Flom which couldn’t be reached for the statement.

Pavel Durov’s success

Pavel Durov is just 33 years and is the founder of Telegram. He is native to Russia and created Vkontakte a social media website which is akin to Facebook. Bestowing to Alexa ranking, VK is the 17th trafficking website in the world.

Durov sold VK in the year 2013 and started telegram. The company’s encrypted text-messaging service is popular with the users and it is controversial with few governments’ authorities. Recently 7% of Telegram users were live and blocked access to 18 million IP addresses in an effort to block Telegram in the country. This is done after Mr.Durov neglected to offer a way to the government with a way around the site’s encryption.

In a post of Telegram Channel, Mr.Durov says that many Russians are getting around the ban by turning to virtual private networks and other proxies. On April 22, Durov bragged that the ban hadn’t worked and endorsed his followers. Later people showed their support by throwing paper airplanes which is company’s logo out of their windows.

Well, it is interesting to know the efforts of Pavel Durov for the success of Telegram. In spite of hurdles, Pavel began telegram and still featured it under various cryptocurrencies.

Share your thoughts on Pavel’s idea not to begin an ICO through Twitter and Telegram.

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Sara Noah

Sara Noah is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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