Telegram Cancels Public ICO After Raising $1.7 Billion in Presale

Encrypted messaging app Telegram has decided against holding a public initial coin offering (ICO) to fund the development of its “third-generation blockchain.” Citing sources familiar with the matter, the Wall Street Journal reports that the Pavel Durov-led firm determined that it is pleased with the $1.7 billion it had raised for the Telegram Open Network (TON) and prefers not to undergo the operational and regulatory hassles of opening the offering to the general public. Telegram has been notoriously opaque about its token sale, with even prospective investors complaining about an inability to convince the company to provide them with concrete details about the offering. Nevertheless, documents filed with the Securities and Exchange Commission (SEC) reveal that the company held two funding rounds between January and March and that each raised $850 million. Fewer than 200 investors contributed to the token sale, which was restricted to institutional investors and high net…

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