The most hot news circulating at all the major crypto platforms is about Telegram ICO which has hit $1.7 billion according to the public documents shown by the company. It was announced in these documents that the second round of Telegram ICO had just succeeded in raising $850 million. This amount was being attained in a sale that began on March 14.
It was also reported in these documents that a total of 94 investors took part in the above mentioned funding process. Average individual investment was recorded to be $9 million during that funding process. It is also a notable point that the previous funding of Telegram ICO also comprised of $850 million. It had a total number of 81 investors and the average individual investment was $10.5 million at that time. These documents were filed with the US Securities and Exchange Commission.
Report submitted to SEC
Both the above rounds of investments were being reported to the SEC. The submission of this report took place under Rule 506(c) of Securities Act Regulation D. it must be noted that this rule allows unregistered securities issuers to accumulate an unlimited amount of funds as long as they follow the below mentioned rules:
- The company raising these funds must file a simple report with the SEC.
- Such a company must bound its contributions to accredited investors.
- The investors of such funds must submit a predefined vesting period before they sell their stakes.
Is Telegram ICO Opaque?
Somehow, Telegram ICO has managed to remain transparent during the all that fund raising process and has followed all the rules and regulation. Along with the handling of the ICO, it has also been significantly transparent.
However, it is not clear whether this fundraising success will conclude the firm’s token sale or the company will continue to raise more and more cash for the aforementioned project in the upcoming days.
Aftermaths of Telegraph ICO’s success
No doubt to raise such an amount of funds in such a small span of time is a huge success, it has also scared many big-name investors right away. Even the well known cryptocurrency giant Pantera Capital is among those who are a bit terrified with the success of Telegraph ICO.
It is being expected that Telegram Open Network (TON) will soon be a revolutionary blockchain for the third generation era of crypto investments. The native token of Telegram Open Network is known as the “Gram”. So far TON has a network capacity of processing approximate 1 million transactions per second virtually free of cost.