Telegram raises $850m in SEC exempt ICO
Telegram has filed a “Notice of Exempt Offering of Securities” with the US SEC, reporting $850m raised from 81 investors. This follows rumours late last year that Telegram were preparing an ICO, including a leaked white paper that proposes a competing proof of stake cryptocurrency which would leverage the large 200m+ userbase of the Telegram to achieve mass adoption. The $850m raised are rumoured to be distributed to the 81 investors in the form of "gram" tokens that will be used on a new "TOM" blockchain protocol.
The exemption from being declared a security offering is achieved where the token sale happens to accredited investors only. The regulation of ICOs continues to be topical with Switzerland releasing ICO guidelines that follow precedents set by Singapore and Australia.
Telegram is a multi-platform messaging app that uses encryption to keep messages private. It is also cloud based and supports large file sizes to be sent across the platform, and can handle group chats with 100,000 users. The features described above have resulted in the emergence of what people are calling "pump n dump" group chats. Where users collude to manipulate cryptocurrency markets without any supposed consequences.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Cryptsheets from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.