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Telegram Doubles Investments With Another $850 Mln in ICO Second Round

Telegram Doubles Investments With Another $850 Mln in ICO Second Round

Documents filed with the US Securities and Exchange Commission (SEC) by Telegram messaging app founder Pavel Durov reveal that the Telegram ICO raised another $850 million from their second round token offering, doubling the overall funds raised to $1.7 billion.

Durov filed a Form D disclosure with the SEC last Thursday, claiming that the securities on offer were “purchase agreements for cryptocurrency” under the Simple Agreements for Future Tokens (SAFT) framework. Telegram’s second round offering started on March 14.

According to the document, 94 entities took part in Telegram’s second round offering, which was filed under Federal Exemption 506(c). The exemption gives securities offerings broad rights so long as certain conditions are met, including the condition that all participating investors must be accredited, and this accreditation must be verified.

Telegram, which boasts over 220 million users worldwide, revealed plans to develop a blockchain-based platform called the Telegram Open Network (TON) in a white paper circulated in early January 2018. TON aims to provide a payments service for Telegram app users, as well as storage, DNS, other services, and a platform for building blockchain-based applications, much like Ethereum functions today.

Documents filed with the SEC by Durov in late February indicated that the first round of the ICO took place from Jan. 29 to Feb. 13 and attracted $850 mln from 81 investors. Combined with funds from the second round, Telegram has already raised $1.7 billion, and have revealed that they may plan one or several additional funding rounds. According to the SEC documents, these funds will be used to develop TON and the Telegram messenger.

Only two investors in Durov’s project have publicly revealed themselves - payment service provider Qiwi founder Sergei Solonin and David Yakobashvili, founder of Wimm-Bill-Dann foods. Rumors in the Russian news media have claimed that Russian billionaire Roman Abramovich invested $300 million into Durov’s project, but a spokesperson for Abramovich refused to confirm these allegations.

03 Apr 2018

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