Telegram’s Durov Brothers Raise $850 Million for TON Blockchain via SEC Filing

The Big Fundraiser: How Telegram is Cashing In

On February 13, the Durov brothers, Pavel and Nikolai, made headlines by filing a “Notice of Exempt Offering of Securities” with the US SEC. They raised a whopping $850 million from 81 fortunate investors as part of their ambitious project: developing the TON Blockchain and enhancing the Telegram Messenger app.

What’s a Rule 506(c) Offering Anyway?

If you haven’t brushed up on your securities law lately, Rule 506(c) of the SEC allows companies to raise capital without registering their securities. But here’s the kicker: all US investors need to be accredited—meaning their net worth exceeds $1 million or they have an annual income of $200,000. So, if you’re just scraping by, you might want to sit this one out!

Who’s Investing in the Future?

While the SEC filing was mum about specific investor names, Russian news outlet Vedomosti spilled the beans. Among the alleged investors:

• Russian billionaire Roman Abramovich, with reported investments varying between $20 million to a staggering $300 million.
• Sergei Solonin, CEO of QIWI, stepping in with $17 million.
• David Yakobashvili from Wimm-Bill-Dann, investing a cool $10 million.

Talk about high rollers! Who knew all that crypto chatter would pay off so handsomely?

Rumors of a Telegram ICO: The Timeline

The whispers about Telegram launching its ICO began in December 2017, when a former employee excitedly shared news of a new Blockchain. Even a leaked white paper surfaced, though its authenticity is as clear as mud (or, like, your grandma’s nostalgia for her first smartphone). Despite all this buzz, the first sale kicked off on January 29. Better late than never, right?

A Unique Fundraising Method for TON

But, here’s the twist: it seems this isn’t your run-of-the-mill ICO. According to insiders, the fundraising process resembled a “closed allocation of securities in ordinary currency.” So, no crypto exchange shenanigans here, just plain ol’ dollars and euros! Investors were essentially purchasing rights to the internal cryptocurrency of TON, dubbed “Grams,” which will be released once the platform goes live.

Conclusion: The Future of Telegram and TON

As the Durovs gear up for what could be a financial revolution, all eyes are on Telegram: will they launch a powerful new Blockchain? Or will it just be more hype than substance? Either way, investors are bullish enough to cough up hundreds of millions. And who knows—maybe someday “Grams” will be the new hit currency. In the meantime, keep your eyes peeled for any more developments from the Durov brothers on this exciting venture.