Cloud-based private messaging app Telegram is looking to get in on the cryptocurrency act in a big way with an initial coin offering (ICO) worth at least $1.2bn.

The ICO, which was first reported by Business Insider, would include a private token sale next month and a public sale in March. Telegram is looking to raise $600m in each of these sales to create what would be the largest token sale ever by nearly $1bn – beating the $257m raised by Filecoin, a blockchain-based storage network and cryptocurrency, in September.  

The money raised by Telegram will support the company’s Telegram Open Network (TON) blockchain platform, which has been created with the goal of hosting cryptocurrencies and decentralised platforms.

Telegram is hoping its offering can succeed where the likes of Bitcoin and Ethereum have failed: in making cryptocurrency a truly viable alternative to traditional money.

“Bitcoin has established itself as the «digital gold», and Ethereum has proved to be an efficient platform for token crowd sales,” said Telegram in a white paper. “However, there is no current standard cryptocurrency used for the regular exchange of value in the daily lives of ordinary people.

“… TON can become a VISA/Mastercard alternative for the new decentralised economy.”

Investors in Telegram’s vision will receive TON tokens – or Grams – for participating in the company’s ICO by December 2018 at the earliest. Telegram doesn’t expect its tokens to be listed on any major exchanges until at least 2019.