The private messaging app Telegram is considering the largest pre-ICO in history to fund its new platform Blockchain and cryptocurrency. Telegram's goal is to raise $ 500 million in private sales

. Its future Telegram Open Network (TON) will use tokens for internal user payments.

Cointelegraph initially reported on YOUR in December, the scale of the effort only becoming apparent now.

According to sources, a series of private presales would raise "up to $ 500 million," while the next public distribution phase is expected to drive the value of the chip between $ 3 and $ 5 billion. dollars. This would make Telegram's OIC the largest ever to have successfully blocked the $ 700 million Block.One bid last month

Investors "Beyond the Restricted Circle "CEO Pavel Durov could face a minimum of 20 million buy-in TechCrunch continues, while others may be limited to buying TON chips with fiat, rather than Bitcoin or Ethereum as with previous ICOs.

"Leading institutional investment firms have expressed interest in accepting their money," the publication reports that Russia continues its uncertain regulatory treatment of public sales of digital tokens.

Telegram has faced controversy in recent months specifically in Russia after refusing to hand over user data to the authorities

A potential launch for the Telegram portfolio was set at fourth quarter of this year, with the full set of services to follow in 2019.