Telegram’s $$$ Showdown: The Financial Giants Behind the GRAM Token Sale
In a tale that sounds straight out of a high-stakes financial drama, two heavyweight players—BNY Mellon and Credit Suisse—found themselves entangled in Telegram’s whirlwind $1.7 billion GRAM token sale back in 2018. It’s almost as if Wall Street decided to take a leisurely stroll down crypto lane.
The Inside Scoop from Telegram
Thanks to some court filings aired on Coindesk, we got a peek behind the curtain at how Telegram planned to handle all this cash influx. Shyam Parekh, a Telegram employee whose name sounds like it belongs on a superhero roster, provided some juicy details about the company’s operations and the financial intermediaries involved.
“We will receive the funds through BNY, which will forward the funds to CS (Schweiz) AG for final credit to Credit Suisse AG,” said Parekh. Money transfers have never sounded so fancy!
Meet the Investors: Who’s Who of the Tech World
With a pot so hefty, it’s no surprise that some big names decided to throw their hats into the ring. Venture capital superheroes like Kleiner Perkins and Lightspeed Ventures, along with some celebrity investors like Foursquare’s Naveen Selvadurai and WordPress’s Matt Mullenweg, tossed in millions, hoping to get lucky with GRAM’s spaceship to the moon.
- Kleiner Perkins – $30 million
- Lightspeed Ventures (China) – $25 million
- FBG Capital – $10 million
- Elysium Ventures (California) – $12 million
But wait, the excitement doesn’t end here. The investing crowd had a few more thrill-seekers, including the enchanting Silas Chou and the likes of Om Malik and Alexia Bonatsos, all wanting a slice of the crypto pie.
The SEC Saga: When the Party Stopped
Just when it seemed like the party was in full swing, the U.S. Securities and Exchange Commission (SEC) barged in like a parent at a rave, declaring that Telegram’s massive token offering was illegal. The crowd gasped, and much like a 90s teen movie, chaos ensued.
Investors began wondering if their stakes would be returned. Spoiler alert: they voted against the return of their funds amid SEC scrutiny. Talk about a twist!
Upcoming Depositions: The Climax Approaches
Fast forward to January 2020, and the drama continues as Telegram’s high-ranking officials, including the enigmatic Pavel Durov, are set to spill the beans in court. Who said the tech world was boring?
The stakes are higher than ever, as more depositions loom, including one from Telegram’s vice president Ilya Perekopsky scheduled for mid-December.
Final Thoughts: The Future of GRAM
As we await the court’s final ruling, one can’t help but think: what’s next for GRAM? Will it rise from the ashes like a phoenix or gather dust in the court files? Only time will tell!
