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Telegram Founder to Attract $1,7 Billion During Second Presale, Promises Refunds

© Sputnik / Kirill Kallinikov / Go to the mediabankTelegram messenger service on a monitor screen
Telegram messenger service on a monitor screen - Sputnik International
The first presale raised $850 million from 81 investors, which will be used for development of the TON – a blockchain-based system, which is aimed to rival Ethereum’s positions.

According to documents obtained by Business Insider from one of the investors, the second presale of Telegram Open Network (TON) tokens will have 2 phases and is aimed to raise $1,7 billion. The accumulated funds will be used to build infrastructure to sustain TON operations and further development of the Telegram messenger.

READ MORE: Telegram Founder Launches Secret Second Presale of Homegrown Cryptocurrency

Another interesting point in the document is that the company promises to return all funds if the TON network doesn't launch by October 2019, but warns that it cannot guarantee to have money to do so. Combined with the money raised during the first presale, it will be $2,55 billon, while initially the company was planning to gather $1.2 billion.

READ MORE: Cryptocurrency by Russia's Telegram Founder Raises $850 Mln in Investments

Rumors about the second TON presale began to surface around February 22, after Telegram founder Pavel Durov announced the results of the first presale. He plans to create a blockchain-based network that will rival Ethereum platform's positions on the cryptocurrency market.

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