Roman Abramovich invests $300mln in Pavel Durov’s Telegram

Roman Abramovich invests $300mln in Pavel Durov’s Telegram
Roman Abramovich

Founder and CEO of QIWI Sergey Solonin and co-founder of Wimm-Bill-Dann David Yakobashvili are also among the investors in the Durov brothers’ projects.

Founder of the VKontakte social network and Telegram messenger Pavel Durov has reported to the US authorities on attracting $850 million from 81 investors, Vedomosti reports. The information became known from the materials of the Securities and Exchange Commission (SEC) published on February 13.

According to the report, the $850 million will be spent on the development of a new block-platform Telegram Open Network (TON) with its own cryptocurrency, and the messenger Telegram.

Two companies are mentioned in the Commission’s document as issuers — TON Issuer Inc. and Telegram Group Inc. — controlled by brothers Pavel and Nikolay Durov. The first payment from investors was received on January 29, 2018.

The investors’ names are not disclosed in the documents, however, according to Vedomosti’s two sources, they include Russian businessman Roman Abramovich. A source familiar with major ICO participants has told the publication that Abramovich could have invested $300 million in the messenger development. Two other interviewees noted that Abramovich is one of the first Russians to have been granted the right to invest in Durov's companies. John Mann, a Millhouse representative managing Abramovich’s assets, has not commented on this information.

The Durovs’ project investors also include founder and CEO of QIWI Sergey Solonin and co-founder of Wimm-Bill-Dann David Yakobashvili. They have invested $17 and $10 million, respectively, in the messenger.

To recall, the intention of Telegram founder Pavel Durov to launch his own blockchain platform Telegram Open Network (TON) with its cryptocurrency Gram was announced in late 2017. In January, Bloomberg reported that Telegram planned to conduct the most ambitious initial coin offering (ICO), during which it expected to attract a record $1.2 billion.

Tags: Oligarchs
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