Having Collected $1.7 Billion in Pre-Sale, Telegram Cancels Its Public ICO

Famous instant messaging service Telegram has decided to change its plans for launching a public ICO to fund the development of its “third-generation blockchain”. The move comes after the company gained $1.7 billion, as the Wall Street Journal (WSJ) reported on May 2.

Anonymous messenger Telegram cancels the launch of a public ICO to attract funding for the creation of the Telegram Open Network (TON) powered by the blockchain technology behind cryptocurrencies such as bitcoin and litecoin. WSJ reports with a reference to its sources that Pavel Durov, the founder of Telegram, is satisfied with the $1.7 billion attracted for the TON project, preferring not to face operational and regulatory difficulties inherent in public fundraising.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/telegram-cancels-public-ico/