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Qiwi co-founder renews its $ 17 million TON investment as a loan to Telegram

May 16, 2020

Sergey Solonin, co-founder of the Qiwi groupwhose Investment in TON is an amount of $ 17 million, has decided Renew your investment as a loan to Telegram, according to a report by Forbes Russia, May 16.

Problems with Telegram Open Network (TON)

After Telegram’s well-documented litigation with the U.S. Securities and Exchange Commission (SEC) The company did not meet the deadline for the start of the TON network on April 30 and was not allowed to sell its Gram bonds.

Investors had until Friday May 15 to make a decision if you a 72% instant refund Your original investment, or make the money available as a loanand received 110% of its value on April 30, 2021.

Qiwi co-founder renews its $ 17 million TON investment as a loan to Telegram
Qiwi co-founder renews its $ 17 million TON investment as a loan to Telegram

At the time, there was hope that investors who opted for the loan option might have received a gram or other cryptocurrency after the dispute with the SEC had been resolved. However, Telegram has given up the TON project publicly since then, as reported on May 12th.

Solonin estimates that 30% of the investment will be converted

This means Solonin’s decision to take on the loan option for his $ 17 million investment will receive $ 18.7 million at the end of the term.

He believes that around 30% of the $ 1.7 billion invested in the Initial Coin Offering (ICO) 2018 will be turned into loans. That would work telegram With a commitment to the rest of the investors of around $ 500 million.

I think that should be enough for a year of work given the risks of handling SEC relationships. I hope that Pavel can later find sources of income or a way to finance the company.

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