Telegram will offer investors a refund if its ICO flops

Telegram expects to raise as much as $1.7 billion in a second sale, according to documents sent to potential investors. The messaging app operator recently raised $850 million in a private token sale from institutional investors. In total, that’s more than $2.55 billion.

In the document, the company said it would issue a refund if the product doesn’t launch by October 2019. But in a separate document, the company said that there’s no guarantee they would have the money to issue a refund.

The company plans to use the funds raised from the ICO to build a protocol to rival the Ethereum platform. The so-called TON (Telegram Open Network) will host crypto applications. Investors who participate in the fundraise will get so-called Grams.

At more than $2 billion, Telegram’s ICO would be the biggest ever.

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