Telegram cancels ICO

Telegram cancels ICO

Telegram decided to cancel the ICO, after successfully attracted about $ 1.7 billion from about 200 investors.

In ICO, there is no need

The Wall Street Journal reports that the Telegram was canceled previously scheduled public ICO. Citing unnamed sources, WSJ wrote that the company will use the funds raised during the presale to develop Telegram Open Network. The most likely cause of the failure of the ICO is the uncertainty associated with the legal framework around ICO.

In the presale was attended by about 200 private investors. This is a clear indication that participation in the presale was only available to institutional investors and other investors about the same level.

Telegram Open Network (TON) to use based on blockchain technology and is going to become an alternative to the “Visa/MasterCard in the new decentralized economy.”

Telegram from approximately 200 million users worldwide, so the problems with attracting investors, the company does not arise. By February the company has already attracted $ 850 million. At the time it was known that the company was planning to raise a total of 2,1 billion US dollars in investments.

Opaque plans

On the token Telegram is extremely small. As reported by CCN, potential investors barely managed to convince the company to provide a plan for the distribution of funds. At the time of this writing, the company still has not publicly commented on the sale process tokens.

At the moment we know that the token Telegram TON should appear in the 4th quarter of 2018.

Telegram has become extremely popular among the cryptocurrency community long before announced plans to release its own cryptocurrency. Presence Telegram is a prerequisite for any of the ICO project.

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