The quick read
The popular messaging system Telegram (100 million active users according to the company in 2016) is building its own blockchain platform and cryptocurrency. (TechCrunch)
The key facts
The “Telegram Open Network” (TON) will be a new, ‘third generation’ blockchain with superior capabilities, after Bitcoin and, later, Ethereum paved the way. The launch will be funded with an enormous Initial Coin Offering, with forthcoming private pre-sales ranging into the hundreds of millions, potentially making it one of the largest ICOs to date. (TechCrunch)
The bottom line
Telegram is positioning itself to be the global version of Chinese juggernaut WeChat. WeChat is much more than a messaging platform. It is the hub of mobile payments, commerce, social networking and communication in China. Tencent, which owns WeChat, is valued at more than $500 billion. Telegram is betting its new blockchain platform and cryptocurrency will propel it to similar heights.