The Telegram ICO has raised more than $850 million during the first part of its Initial Coin Offering (ICO). This is said to be a record for an ICO.

The popular chatting app has announced that they plan to raise $1.2 billion from the ICO. Funds will be used to develop and maintain the Telegram Open Network (TON) blockchain and Telegram Messenger. It is also said to be used towards creating a platform for decentralized identity, payment, and storage, to name but a few.

Telegram ICO – Grams

The token is called Grams and it will be integrated into the app. Telegram users will have their own wallets on the app and can trade with the token from their smartphones.

Telegram was developed in 2013 by Pavel and Nikolai Durov. It is said to be the app most often used by the cryptocurrency industry as opposed to other popular chatting apps. Telegram is used by more than 180 million people.

It was previously reported that the app was struggling financially due to high operating costs. An ICO of this magnitude will secure the future of the platform. Several experts have questioned, in the past how secure Telegram is.

Of course, the blockchain will have everything one expects from a blockchain – anonymity, decentralised applications and more. It will accept cryptocurrencies like Bitcoin, Ethereum, and Monero.

Phase 2 of the ICO is on its way and token holders will receive Grams during the fourth quarter of 2018. During this time the TON main network will be launched as well as its light wallet. Telegram has said that by 2021 it wishes to be known as “The Open Network” instead of Telegram.