Pavel Durov, the creator of the Telegram messenger, reported on the progress of the ICO, which was announced earlier. As it turned out, investors invested more than $ 850 million. 81 investors provided this amount to the development team of the messenger. The report on the ICO was sent to the US Securities and Exchange Commission (SEC). The report identifies two companies related to the ICO, both registered in the British Virgin Islands: Telegram Group Inc. and TON Issuer Inc. Pavel and Nikolay Durov manage both companies.
The company received the payment from the first investor on January 29, 2018. All raised funds will be used to develop the Telegram Open Network (TON). The means of calculation between the participants of the platform is their token.
The document provided by the Duros to the SEC is a form of D, which is usually used to "notify the exempted offer of securities". According to experts, this form is used by small companies to attract money from venture investors.
As for ICO, the process of the primary sale of Telegram tokens has many differences from ordinary ICO. In this case, it is rather a question of the closed placement of securities in regular currency - dollars and euros. Investors buy out the rights to the internal cryptocurrency of the project, and until the launch of the TON, they receive securities that simply guarantee participation in the future distribution of tokens.
Another difference is that not only crypto-enthusiasts took part in the current ICO, but also traditional investors, accustomed to working with conventional investment tools. Probably, all participants were attracted, firstly, the presence of a long-working and successful product with millions of users and secondly, the fame of the person of Pavel Durov (and his brother Nikolay too), which can serve as a guarantee of the honesty of the promises of the organizers of the ICO.
Information Source: TON