In a recent SEC filing, messaging app provider Telegram ICO raised $850 million. The company expects no additional incoming funds.
This dollar amount breaks the previous ICO record of $257 million raised by Filecoin, a blockchain-based data storage company, in September 2017.
Started in 2013, Telegram reaches 170 million monthly users and delivers 70 billion messages every day. In the first quarter of this year, the company anticipates that number will rise to 200 million monthly users.
In the company whitepaper, Telegram intends to develop a network for low-cost payments, storage, and a platform for decentralized identity.
According to Tokenmarket, 84 percent of blockchain-based projects have an active Telegram community, more than all other chat applications combined.
“Investors should evaluate the capacity of any team to execute on their plan and vision, as well as the protections they have if things go wrong,” stated MIT professor Christian Catalini.
The Telegram ICO has come under fire from critics with concerns about the governance of the company’s tokens.