Investment as Credit

Qiwi Co-Founder Agrees to Renew TON Investment as Credit

Co-founder of the Russian payment service Qiwi Sergey Solonin agreed to provide a loan to Pavel Durov, writes Forbes.

Solonin is one of the participants in the token sale of the TON blockchain project developed by Durov’s company. IN 2018 year Telegram raised $ 1.7 billion for the development of TON, of which $ 17 was provided by Solonin.

At the beginning of the week, Durov announced the closure of the project, explaining that the American court did not allow to finish what it had begun. Shortly before became known, that the company offered investors another deferral on credit terms with the ability to receive 110% of the invested funds in a year. Subsequently, American investors were excluded from this proposal – they are only given the opportunity to withdraw 72% of the invested funds.

“I decided to re-register as a loan. Pavel has a smart team, I hope they will come up with something, “Solonin said in a conversation with the publication.

Qiwi Co-Founder Agrees to Renew TON Investment as Credit

According to Forbes, not all investors responded by Friday night, as the companies requested. Among the undecided were, for example, the co-founder of Wimm-Bill-Dann and TON investor David Yakobashvili. It is also known that some investors gave a positive answer..

Qiwi Co-Founder Agrees to Renew TON Investment as Credit

At the same time, more than 80% of the shareholders of one of the largest investors in the Disruptive Era Fund, which accounts for more than $ 70 million of the funds invested in TON, withdraw from the agreement, agreeing to return 72% of the funds, writes Forbes, citing sources.

According to Solonin, TON investors will, on average, leave 30% of the money, whereas Telegram’s payment obligations at the current stage will be approximately $ 500 million. The co-founder of Qiwi expects that this will be enough for Telegram for a year of work, taking into account the ongoing proceedings with the Commission on securities and US exchanges (SEC). “I hope that during this time Pavel will be able to come up with sources of income or a way to finance the company further,” he added..

Earlier it was reported that TON investors could sue Telegram and Durov personally.

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