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Telegram, a controversial messaging app that rivals WhatsApp has raised millions of dollars by issuing its own version of bitcoin.
Telegram is one of several tech companies that has been singled out by the UK government - along with Facebook's WhatsApp and Apple's iMessage - after terrorist attacks in London and Manchester last year. Messages sent using these services are secure using encryption, protecting users information, but mean they can not be accessed by security services and other authorities investigating such incidents.
The Russia-founded and now Dubai-based tech company which has nearly 200m users, has dismissed the wrangling and is ploughing ahead with raising cash using cryptocurrencies - a move also likely to draw some controversy.
Telegram has already raised $850m (£605m) through what's known as an initial coin offering (ICO) or token sale, according to fresh filings made with the US Securities and Exchange Commission (SEC). Investors have pledged the cash for the app's gram token, a cryptocurrency like bitcoin that Telegram has issued and which will form part of a new blockchain payments platform the tech company is planning to build, the Telegram Open Network (TON).
The pre-sale raise comes ahead of a wider offering in which it could raise up to $2bn, according to reports, which would represent the biggest ICO to date.
Can whatsapp survive this? Or should we also have Whatsapp coin?
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