Telegram to Hold Second Presale, Plans to Raise Around $850 Million

February 22, 2018

Over the past few months, Telegram CEO Pavel Durov managed to convince 81 accredited investors to invest $850 million during the presale before the ICO of his company. Now he tries to collect additional funds, organizing the second closed presale.

This week, investors received emails, in which they were invited to participate in the second private presale, four sources told The Verge.

As for the amount to be collected, one source says that it has yet to be determined, and two sources claim that Telegram plans to collect approximately the same amount that was raised in the first round of the presale. If they are correct, then the total amount of raised money will exceed $1.6 billion.

Why does Telegram need more investments? For the development of Telegram Open Network (TON). This network is a direct competitor for Ethereum. It is an ecosystem with the support of applications, services as well as with capabilities to store digital and physical assets. Many critics point out that the proposal from Telegram lacks technical details, and that the vast majority of interest is caused by the hype, rather than the real technological value of TON. Well, it is not surprising, since Pavel Durov is the developer of the most popular social network in Russia as well as the developer of one of the most popular instant messengers in the world. 

How much money does Telegram plan to raise? It is difficult to evaluate. It seems that the company has been raising its goals against the background of growing interest to their ICO. A cryptocurrency investor Carlos Mosquera of Solidus Capital said that Telegram changed the presented numbers several times. For example, some participated in the presale investors told that discounts for tokens varied from 30% to 80%. 

Mosquera told The Verge:

"A month and a half ago we got the pitch and the opportunity for Telegram. We passed because we received two or three different terms and deals by the same ICO. None of the information was clear."

He added that his company has not received an invitation to participate in the second presale, but admitted that he is not surprised that Telegram plans to raise more funds because "presales are hotter than the crowd sale itself" nowadays.

It is no wonder that Durov decided to collect more money, because the interest to the first round of the presale exceed all expectations. Earlier Quartz reported that some investors sold their shares on the secondary market, making 2x returns from it.

What will come next? Nothing is clear yet. At first, the crowd sale stage of the ICO was scheduled on March, but due to the decision to hold another presale it has become unclear whether this date will be changed and how many tokens will be available for the public.

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