Pavel and Nikolai Durov reported that they raised $ 850 million in the second round of their original coin placement (ICO) in a notice signed today by the SEC.

Legal ICO

5f1c49234dbf2dfb86c1b3566fafdcb3 300x169 - Telegram Attracts $850 million in the Second Round ICOInvestments with ICO will go to the development of the application Telegram messenger and its own platform Blockchain Telegraph Open Network ( TON ), and tokens Gram will also be released. Although the document does not disclose the identity of investors,

94 DIFFERENT SUBJECTS TOOK PART IN THE ICO

In the column in which the applicant specifies which type of securities is offered, the document says “Agreement on the purchase of cryptocurrency.”

The proposal was granted in accordance with Federal Exemption 506 (c),  which states that “a company may request and advertise a proposal and continue to be considered compliance with the exemption requirements” subject to certain conditions. At first,

ALL INVESTORS IN THE PROPOSAL MUST BE ACCREDITED

and secondly, the issuer must take reasonable steps to confirm this accreditation.

The first round of the ICO was held from January 29 to February 13, and he managed to attract $ 850 million from 81 investors.

Large investors

df0bd67a3c69ee20534187be8dd6ecaf fitted 740x700 223x300 - Telegram Attracts $850 million in the Second Round ICOAccording to the information agency Vedomosti, one of the investors in the first round of the ICO was a Russian billionaire Roman Abramovich. Those familiar with this issue told Vedomosti that Abramovich had invested $ 300 million. John Mann, the representative of Abramovich, did not comment on whether Abramovich participated, but denied the size of $ 300 million. Two more investors publicly announced their support and investments in the ICO; the founder of the payment service provider Qiwi, Sergei Solonin and the founder of Wimm-Bill-Dann products David Yakobashvili.

The current regulation of the ICO by the SEC is based on the legislation of the 1930s. One expert said that in order for the ICO to act effectively, the authorities must amend the 80-year regulation.

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