Telegram Raises USD $850 Million in Second Round of ICO
According to information released by the social messenger platform Telegram, the company has raised USD $850 million in its second round of token sale.
As per information released by the social messenger platform Telegram, the company has raised USD $850 million in its second round of token sale. In a notice signed with the US Securities and Exchange Commission (SEC), brothers Pavel and Nikolay Durov claimed that the second round of their initial coin offering (ICO) attracted USD $850 million.
The company had raised USD $850 million from 81 investors in its first round of the ICO which took place from Jan. 29 th to Feb. 13th . Telegram intends to use the amount raised through ICO to develop its messenger app and its own Blockchain platform Telegraph Open Network.
Reportedly, 94 investors participated in the second round of ICO which began on March 14, however, the documents do not reveal the identity of the applicants. The documents specify the type of securities on offer as “Purchase Agreements for Cryptocurrency.” The news agency Vedomosti reported that among the prominent investors that took part in the first round of the ICO includes Russian billionaire Roman Abramovich who as per rumors invested USD $300 million. However, Jon Mann, Abramovich’s spokesperson has denied the USD $300 million rumor. In order to participate in the ICO, investors are required to get accreditation and the issuer, on another hand, must verify such accreditation.
The offering was arranged under Federal Exemption 506(c). It says, “a company can broadly solicit and generally advertise the offering and still be deemed to be in compliance with the exemption’s requirements” so long as certain conditions are met. However, the experts believe that SEC needs to amend the 80-year- old regulation which at present regulates ICOs so that they function competently.
Two investors who took part in the ICO went public and openly supported investment in the ICO. This included Sergei Solonin, founder of payment service provider Qiwi, and David Yakobashvili, founder of Wimm-Bill- Dann foods.
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