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$850 Million! Telegram Does it Again in Second Round of ICO

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Telegram seems to have started off on the right foot if the notice signed today with the US SEC is anything to go by. According to Nikolai Durov and Pavel, the second round of their ICO has raised $850 mIn. Telegram is looking to use the ICO to make investments to support the development of the messenger app as well as its own blockchain platform, dubbed the Telegraph Open Network.

What’s in the Document?

As much as the document does not divulge much in terms of the identity of its investors, the ICO still saw the participation of 94 different entities. It commenced on March 14th.

It is through the Federal Exemption 56(c) whereby the offering was given and it states,

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.

First off, all the offering’s investors must attain accreditation while at the same time; the issuer ought to take reasonable measures to verify the accreditation in question. In the first round of the ICO that happened from January 29th to February 13th, $850 million was also raised, from 81 investors.

Roman Abramovich Factor

Among the notable investors that took part in the first round of the ICO was Russian billionaire Roman Abramovich, according to the news agency Vedomosti. According to reliable sources from people familiar with the happenings of the event, Ambramovich is said to have invested $300 million. However, Jon Mann, Abrahimovich’s spokesman, denied the claim, refusing even to comment on whether Abrahimovich was part of the event.

Two Investors who Went Public

However, two of the investors who took part in the event came out publicly with their investment and in support of the ICO. These were Sergei Solonin, the founder of Qiwi, a payment service provider, and David Yakobashvili, the founder of Wimm-Bill-Dann foods. According to the SEC, the current regulation on ICOs is anchored in existing legislation dating back to the 1930s. As such, some experts see the need to make ICOs operate efficiently by updating the regulations.

Image Credit: Deposit Photos

What do you think of Telegram’s second round of its ICO? Would you describe it as a success? Let us know your views on the comments section below.

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