WSJ: Telegram Cancels Plans To Launch Public ICO Due To Abundance Of Funds Already Raised

The Wall Street Journal (WSJ) reported today, May 2, that Telegram’s plan to launch an Initial Coin Offering (ICO) has been scrapped. The fact that the messaging app raised enough money already through their two private ICO rounds was cited as the reason for the decision.An unnamed source told the WSJ that Telegram has decided not to hold the planned ICO for the public after bringing in a total of $1.7 bln by mid-March, with 81 accredited investors taking part in the first ICO round and 84 in the second.The money raised from the two ICO rounds already held - which were open to only those with a net worth of $1 mln or an income of $200,000 - will be used to support the development of the Telegram messenger app, as well as the launch of the blockchain platform Telegram Open Network.Cointelegraph reported earlier that one of the first…

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