Encrypted messaging app Telegram succeeds in doubling the money they raised to $1.7 billion, the biggest to date.
Telegram Group Inc., an encrypted messaging app, managed to increase their proceeds to a whopping $1.7 billion in coin of. This is according to a regulatory filing submitted last week.
The British Virgin Islands-registered company was able to raise $850 initially in February. They then raised another $850 million from 94 investors last month. In the filing, the company has also indicated plans to “pursue one or more subsequent offerings”.
Gennady Zhilyaev, a former executive of Templeton Emerging Markets Group in Russia, explains the good results. “Raising the planned amount is a success for Telegram, given that the Bitcoin decline in recent weeks made investors more cautious toward crypto-assets,” he said.
Founded by Russian Pavel Durov, the company plans to use the proceeds to develop the Telegram Open Network (TON) blockchain. This will included their own cryptocurrency aptly named Gram. According to Telegram documents, their transaction speeds aim to surpass Bitcoin and Ethereum. Their service also plans to compete with the likes of Visa and Mastercard.
The success of their ICO was sort of unprecedented given its popularity in the crypto community. The group messaging of the app seems to be used by the majority of ICO projects. A blog from the company in March shared that they have already reached 200,000,000 users within the last 30 days.
Twitter confirms the ban of cryptocurrency and ICO-related advertisements on its platform.
News about the possibility of the ban surfaced last week and now it has finally been confirmed. Twitter will start banning cryptocurrency-related ads starting Tuesday.
The micro-blogging giant is the third major online platform to announce the ban following Facebook and Google. This is to reduce the possibility of potential fraud or large investor losses that maybe promoted in their website.
“We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency,” a Twitter spokesperson told CNBC.
The new policy rolls out in the next 30 days globally. The ban will include ads on Initial Coin Offerings (ICOs) and token sales. Twitter will also ban ads by cryptocurrency exchanges and e-wallet services.
However, this news doesn’t seem to faze crypto enthusiasts.
Blockchain Capital Spencer Bogart points out Jack Dorsey, Twitter’s CEO, is a believer of the cryptocurrency. He says’s to “read between the lines on any announced ‘ban’.”
“Given that the larger and more significant platforms have already made this move, I wouldn’t expect Twitter’s news to have much of an effect,” he explains.
Earlier this week, Dorsey has told the Sunday Times newspaper that he believes it will overtake the dollar in importance. He adds that Bitcoin will become the single global currency within the next decade.