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.
A source: http://www.businessinsider.com.