Telegram On Track to Push Its Cryptocurrency Sale to $1.7 Billion
- Token price triples in second funding round, people say
- Investor demand said to be less after Bitcoin led market lower
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Messaging service Telegram Group Inc., which smashed the world record for selling a new cryptocurrency in February, is on track to raise another $850 million as its initial coin offering extends toward a third month, according to three people familiar with the matter.
Investors are placing sufficient orders in the second round even after the token was priced at more than triple last month’s level, two of the people said, asking not to be identified as the offer is private. Appetite for crypto-assets has cooled somewhat since market leader Bitcoin failed to return to its January highs, they explained.