Telegram plans $1.2-billion ICO for chat cryptocurrency

Telegram plans to launch its own cryptocurrency, aimed at its users, reported CoinDesk.

The company’s blockchain is named the Telegram Open Network, and it is looking to raise $1.2 billion in an initial coin offering.

Telegram Open Network will focus on decentralised online communication, but will also implement other blockchain-based services – such as file sharing, anonymous browsing, and peer-to-peer transactions.

According to CoinDesk, Telegram plans to raise up to $600 million in its token presale.

The token will be named “gram”, and the token sale will reportedly take place within the first quarter of 2018.

Telegram’s ICO will distribute grams to buyers on its blockchain and through its wallet software.

Now read: World’s biggest cryptocurrency exchange adds 240,000 users in an hour

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Telegram plans $1.2-billion ICO for chat cryptocurrency