The closed pre-sale of Gram tokens to Telegram LLC raised a total amount of $1.7 billion, exceeding the planned investment level by $500 million. This result allows Telegram to avoid further holding a public ICO and avoid the risks associated with its implementation. That is, users of the messenger who were already looking forward to purchasing tokens of a project doomed to success can only lick their lips.
The public part of an ICO includes many regulatory requirements for financial monitoring, which are not easy to comply with. According to Emilio Pompliano, principal partner at Morgan Creek Capital Blockchain, “the regulatory environment is challenging for most companies and leaves many teams with more questions than answers.” He also noted that Telegram has already raised enough funds and achieved its goal, so refusing to conduct a public offering of tokens would be a completely reasonable decision.
Telegram Open Network (TON) is under development and in fact Telegram is selling obligations, securing them with the Gram token, through investment contracts SAFT (Simple Agreement for Future Tokens). Such agreements are concluded between developers and investors. Investors contribute money to developers in exchange for the right, after the start of the network, to receive tokens.
If Telegram refuses to hold a public ICO, the company will not only save time and money, but will also avoid a number of checks aimed at combating fraud and money laundering. Despite the possible refusal to conduct a public ICO, Telegram’s white paper still notes that public sales of tokens are expected after the start of the project.
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