Telegram conducted one of the most successful ICO in the cryptocurrency space. However, the company ran into some problems with regulators and had to repay the investors. Telegram is nearly done settling the investors and plans to go public in two years
Telegram almost done paying TON investors
Social media giant Telegram is close to paying off the $1.7 billion it raised from investors during its initial coin offering (ICO). The company raised some funds via bonds and is already working on going public in two years
Earlier today, Russian newspaper Vedomosti reported that Telegram is set to go public by 2023. This comes after confirming that the messaging app is close to repaying investors in its TON blockchain ICO.
This latest development comes almost a year after the US Securities and Exchange Commission (SEC) accused Telegram of violating securities law by carrying out the ICO, where it raised nearly $2 billion.
A source close to the team revealed that Telegram plans to launch an IPO by 2023 and aims for a $30 billion to $50 billion valuation. The buyers of Telegram’s bonds are set to enjoy the IPO after the company raised $1 billion in bond sales.
Telegram is getting ready to close the books on the $1.7 billion token sales it conducted three years ago. Several reports suggested that the social media giant began paying back the last investors who didn’t withdraw their investments last year.
Two sources close to Telegram revealed that the process of repayment is already underway. One of the sources added that non-American investors lent Telegram $500 million to $600 million in 2019 after the company said it doesn’t plan to launch TON again.
Telegram’s ICO didn’t go as planned
Telegram raised nearly $2 billion via an ICO three years ago. The funds were supposed to help launch the TON blockchain. However, the project didn’t see the light of day as the US SEC accused Telegram of violating securities law.
The social media company was forced to repay investors. It has been paying them back over the past two years, depending on the arrangement the investor agrees with.