Chinese Company The9, Reportedly Becomes First Investor for Telegram ICO

KANALCOIN NEWS –  According to a United States Securities and Exchange Commission report, Chinese company The9 Ltd purchased 5,297,257 tokens during Telegram’s Initial Coin Offering in January 2018 for $2 million dollars. The filing also states that The9 has invested in several blockchain-based companies in 2018

Meanwhile a report submitted by the Russian Business News Agency RBC on July 24, 2019, available documents prove that The9 was the first foreign investor known to the public. According to him, investors who took part in Telegram’s Initial Coin Offering (ICO) were largely undisclosed.

Meanwhile the details of the upcoming ICO participants, during the first ICO there were 81 investors who contributed to raise a total of $850 million dollars. However, only three of the 81 investors’ identities could be identified, including Sergey Solonin, David Yakobashvili and the TMT Investement Venture Fund founded by German Kaplun and Alexander Morgulchik.

RBC also stated that Telegram raised up to $850 million in its second ICO, but the identity of the investor remains unknown to the public. Also, according to the report, tokens were sold for $0.38 in the first round and the token price then went up from $1.10 to $1.45 in the second round of ICO.

The Chinese company The9 Ltd also designs and distributes games online. In the early 2000s it was reported the exclusive distribution of World of Warcraft in China. The company, founded in 1999 by entrepreneur Zhu Jun, is reported to hold more than 80% of the company’s shares.

As previously reported by news platform Cointelegraph that South Korea’s Gram Asia recently launched an event to sell the rights to its Gram tokens for $4 per token on Japanese crypto exchange Liquid. But a Telegram investor pointed out that this would likely violate Telegram’s investor contract.

Apart from Telegram, which is currently launching an ICO, Ripple was also recently reported to have managed to sell more than $250 million

in the second quarter of 2019. The third largest cryptocurrency in the world by market capitalization has always been in fairly stable condition. According to a report from Cointelegraph in the first quarter Ripple sold around $169.42 million XRP. This obviously increased up to 48%.

With regards to its quarterly XRP sales, the report states that Ripple will further reduce its future token sales substantially. Additionally, Ripple noted that it limited XRP sales during the quarter due to purportedly increasing trading volumes. As such, the report says that it is temporarily halting program sales and limiting institutional sales.

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