PRESS: Telegram raising $850 mln at ICO, wants no Russian money

MOSCOW, Jan 18 (PRIME) -- Messenger Telegram, founded by Pavel Durov, intends to raise U.S. $850 million at an initial coin offering (ICO) instead of $500 million mentioned earlier, and its management is declining some investment offers, including from Russia, due to an oversold book, business daily Vedomosti reported on Thursday, citing sources.

Durov does not aim to attract Russian institutional money since he wants to build a global company, a participant of talks with the messenger’s management told the daily.

A minimum investment that Telegram is ready to consider is at $20 million, while anchor inspectors are offered to contribute at least $50 million, according to a source familiar with negotiations with Telegram.

Blomberg reported on Wednesday that Telegram wants to raise $600 million within a private ICO on its blockchain platform Telegram Open Network by the end of February and $600 million more through a public sale of tokens, which could start in March.

Telegram needs money to develop Telegram Open Network with own cryptocurrency.

The messenger’s audience counts 150 million people and is expected to reach 1 billion by January 2022.

End