It appears Telegram’s pre-sale was so successful, they have decided to do another one. The messaging platform had already raised a staggering $850 million from 81 accredited investors, mostly venture capital firms. Those same investors have reportedly now received an offer to buy more tokens in a second, ‘secret’ pre-sale.
Tokens will be sold at a higher price in the second round, and could potentially attract another $1.6 billion before a further public token sale.
Questions Over New Valuation
Telegram is a messaging app which is popular amongst the crypto community. The company now plans to build a blockchain similar to Ethereum but with extended functionality that will include messaging facilities, application sandboxes and file storage services.
While Telegram does already have a product with 200 million users, some observers are now questioning its new valuation which could reach well beyond $2 billion after the public sale which is likely to give the company more capital than it will need to expand its services.
These concerns haven’t stopped investors, however, most of whom are professional money managers and who are betting on a business plan which appears as something of hybrid between the Ethereum and WeChat models.
WeChat, owned by Hong Kong-based Tencent, is a messaging platform which has nearly a billion users, many of them in China. Unlike most messaging apps, though, WeChat has been very successful at monetising the app by facilitating e-commerce, mobile payments and other services.
If Telegram does manage to create a robust blockchain protocol similar to Ethereum and a messaging app with capabilities such as those of WeChat, it may indeed be very valuable. It is, however, a very ambitious goal, and implies a long road ahead with flawless execution.