Pavel Durov the CEO of Telegram already raised $850 million dollars in his presale where accredited investors including big giants like Benchmark and Sequoia Capital invested in his idea. This was before his launch of an ICO. Now reports from Verge suggest a second secretive pre-ICO sale where he plans to raise another similar amount before the token goes live to the public.
If Pavel’s idea is successful then he would raise a total of $1.6 billion even before the ICO is out. Telegram is already the largest ever offering followed by the Venezeulan Petro’s $850 million. After the initial pre-sale, a lot of market analysts criticised the proposed TON network for which Telegram was raising money for.
Omelyan Honchar, a Financial Analyst from Kiev spoke to AMBCrypto and says,
“This is all just hype and speculation. If people think Bitcoin is hype then Telegram’s TON is super-duper-over hyped. No detailed explanation on the usage of funds and why do you require so much anyway?”
When the crowdsale opens with SEC breathing down on ICO companies with regulations, it is possible that Telegram would not venture in the US markets and would keep the presale open for accredited investors only – companies or individuals with a net worth of more than a million dollars.
Initial timelines suggest that Telegram’s ICO would open during sometime in March, the second pre-sale if true might affect the opening dates of the expected ICO.
Kaspar Järvekülg, a security advisor at Beel & Clark says,
“There is a pattern with all the ICOs, the whitepaper is becoming more and more like a sales pitch rather than the technical documentation of what will be achieved. Telegram’s TON is definitely looking like it will raise a lot more money especially with the interest it gathered over the past few weeks”
Ben Cronjie, a Financial Advisor at a VC firm in Capetown says,
“Firms like us have been approached by multiple agents from the same company with different offers during the first presale, I doubt anything is going to be different now. We know of many firms that would be interested to invest just because of the media interests”
Many folks from the cryptocurrency community believe the decentralized philosophy of blockchain technology is not what Telegram’s TON plan to achieve in the initial stages. The presales have become what ICOs used to be and there definitely seems to be a huge negative sentiment attached to Telegram.
Source: New feed