Telegram Partners with xAI for Overall Grok Integration, Plans $1.5 Billion Bond Issuance

Telegram, the popular messaging platform, has announced a strategic partnership with xAI, an artificial intelligence company founded by Elon Musk. As part of this collaboration, Telegram will integrate xAI's Grok AI chatbot into its platform, a move expected to bring in $300 million through a combination of cash, equity, and subscription revenue. The deal highlights Telegram's growing focus on leveraging AI technologies to enhance user experience.

https://x.com/durov/status/1927705717626003759

Pavel Durov, founder and CEO of Telegram, commented on the partnership, stating that it "strengthens Telegram’s financial position." Telegram will receive 50% of the subscription revenue generated by the Grok chatbot on its platform during the one-year partnership period. Importantly, Durov assured users that Telegram's data would not be used to train the AI chatbot, emphasizing that this aspect was not a part of the agreement.

In addition to the AI collaboration, Telegram is planning to raise $1.5 billion through a new bond issuance, targeting existing investors such as BlackRock and Abu Dhabi's Mubadala Investment Company. The funds will be used to repurchase outstanding debt from a previous bond issuance in 2021, as well as to support the company's ongoing growth initiatives. The new five-year bonds will offer a 9% yield, according to the WSJ.

TON Foundation Expands Payment Capabilities with New Leadership

As Telegram continues to expand its ecosystem, the independent TON Foundation, the organization behind the development of the Layer 1 blockchain The Open Network (TON), is ramping up its global payments strategy. The foundation recently hired Nikola Plecas, a former senior director at Visa Crypto, as its Vice President of Payments. Plecas will focus on improving payment infrastructure and streamlining fiat-to-crypto transactions within the TON ecosystem.

"As payments become a more central part of TON’s ecosystem, it made sense to have dedicated leadership focused on this area," Plecas said in a statement." One concrete goal is to streamline our on- and off-ramp flows, making noticeable improvements in how easily users can move between fiat and crypto within the ecosystem."

"With deep industry expertise and a clear vision for scaling payment infrastructure, Nikola brings the experience and leadership we need to accelerate TON’s global growth, " says Max Crown, CEO of the TON Foundation, commenting on Plecas' appointment. TON's native token, Toncoin, saw a significant 22% price increase about $2.99 to $3.65, following these announcements, with its market capitalization over $9 billion.

These developments underscore Telegram and TON Foundation's commitment to integrating cutting-edge technologies and expanding their reach in the blockchain and AI sectors.