With 1.7 Bn$ Raised, TON Becomes the First Ever Billion-Dollar ICO in the History of Cryptocurrency.
The brothers Pavel and Nikolai Durov continue to demonstrate to the world their ability to do business, reaping a successful career in each of the investments they make. Pavel Durov has known how to interpret the needs of the markets, and his first commercial success came with the creation of Vkontakte, a company that knew how to take the benefits of Facebook, adapting it to the customs and needs of the Russian population, while adding a series of services that Facebook users cannot enjoy. What began as a small project ended up becoming Europe’s leading social network, providing Durov with a profit of approximately half a billion dollars after a sale motivated probably because of political problems.
In his “farewell” he said he would focus on a new project: “Telegram” an instant messaging application, which would soon become Whatsapp’s main competitor. Its features surpassed those of the web messaging giant: Encryption, speed, and automation. On this platform, a series of new developments were built that boosted parallel economies. Bots are an example: In an interview with TechCrunch, Pavel Durov mentioned that a company developing bots for Telegram was sold for eight figures.
Now Pavel Durov is back in the spotlight with a promise to revolutionize the world of blockchain with “Telegram Open Network”, a DLT that promises to solve the traditional problems of cryptocurrencies with many promising approaches. Also, according to a leaked promotional video, if embraced by Telegram users, TON could be the most widely adopted blockchain network worldwide.
In order to meet its objectives, TON announced a private presale before the ICO. They wanted to raise at least 1.2 Billion Dollars, making TON the most ambitious project in terms of fundraising for an ICO. In the first sale, on January 29, they declared to the SEC the collection of $850 million by 81 investors, which gives an average of just over $10 million per investor. An impressive figure compared to what a typical investor would spend on a regular ICO.
However, despite the significant amount raised, they announced a second private round of sales. This round, according to a FORM-D released by the SEC, raised an additional $850 million from a group of 94 investors who deposited a mandatory minimum amount of $1 million. The sale took place on March 14 and reported to TON Issuer Inc. a total of 1.7 Billion Dollars thus making it the most fundraised crypto in the history of the ICOs.
It is expected that after the public ICO, the money raised will reach $2.55 billion. Enough to guarantee the fulfillment of its roadmap, which proposes the last quarter of 2018 as the date of network implementation.
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Excellent news for the Telegram team and users in general, especially considering that until now profit has not been the primary motivation of the app, according to their own F.A.Q. This allows us to see the team’s approach to providing the best service and be “on the consumers’ side” as opposed to other social networks.
“Q: How are you going to make money out of this?
We believe in fast and secure messaging that is also 100% free.
Pavel Durov, who shares our vision, supplied Telegram with a generous donation, so we have quite enough money for the time being. If Telegram runs out, we will introduce non-essential paid options to support the infrastructure and finance developer salaries. But making profits will never be an end-goal for Telegram.”
Featured Image: twitter
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