The operator of the popular messenger Telegram may drop an idea to launch a public crowdsale of its future Gram tokens, as it seeks to achieve its financing goals via closed rounds. And it seems that Pavel Durov really hits the jackpot in it.

Telegram seeks to attract as much as $1.7 billion within the second financing round of the presale. Together with $850 million, raised within the first financing round, Telegram may attract all the financing it needs to launch the future blockchain-based Telegram Open Network (TON). Thus, Telegram may not even start the public initial coin offering, earlier expected to be launched in March, Russian news agency RBC reports citing anonymous sources and the documentation, sent by Telegram to potential investors.

"They have the opportunity to attract all the money they need, even within closed placements. There are a lot of offers from investors. Moreover, they can now refuse "unsuitable" investors, which can not turn out for public placement."

Russian venture funds iTechCapital and Da Vinci Capital are in charge to attract investments for Telegram.

The price of Gram tokens during the current round of financing is $1.33 per coin. This is four times higher than the Gram price during the first financing round when tokens were sold at around $0.38.

But current investors are offered more freedom when dealing with Gram tokens they bought. If the tokens bought by investors during the first round of financing are obligatory frozen for 18 months from the moment of the launch of the TON platform, then investors of the second round are not restricted to sell their Grams, once they are listed on exchanges, reports Geektimes citing Telegram's investor's documentation.

The new financing round of Telegram is held in a closed format and will be divided into two stages. The first stage has already started. Potential investors are required to invest at least $1 million in Gram tokens if they act as private individuals and at least $10 million if they are legal entities.

According to the TON’s White Paper, Telegram intends to launch the blockchain-based platform Telegram Open Network (TON) with its own cryptocurrency Gram. The TON test network is planned to be launched in the second quarter of 2018, and the mainnet of the platform is expected to be launched before the end of 2018. If the launch does not take place before 31 October 2019, Telegram promises investors to return their money, although it specifies that it does not guarantee that it will be able to do so.

It is planned to launch the cryptocurrency purse Telegram in the fourth quarter of 2018.