Popular messaging app Telegram has raised $1.7 billion in the largest initial coin offering to date.

That staggering capital raise comes even as excitement in the crypto-asset space, which includes ICOs and bitcoin, has waned amid increased regulatory pressure. In addition, a growing number of social media platforms have banned ads for crypto-assets and ICOs.

Five-year old Telegram will use the proceeds to develop the TON blockchain — with plans to create its own crypto-asset called Gram, among other things, Bloomberg reports.