Telegram Rakes in Over $1.5 Billion, Ditches ICO for an Open Network & Token

The reported Telegram has raised $1.7 billion in anticipation of an initial coin offering (ICO). However, the company has instead decided to scrap its much publicized ICO in favor of beefing up its popular messaging service and expanding into tokenization. Microsociety Fort Galt in Chile Uses Bitcoin to Build Anew Telegram Scraps ICO Paul Vigna details how Telegram has “brought in so much money from a small group of private investors that it is calling off a planned sale of cryptocurrency to the wider investing public.” The company is effectively ditching its ICO after having raised a cool $1.7 billion. It’s an interesting time for Telegram, to put it mildly. Recently, the encrypted messenger service celebrated gaining 200 million users. Almost immediately, the Russian government attempted to force it to provide user information, and a way to backdoor decrypt, in an effort to combat terrorism. Pavel Durov, Telegram’s charismatic founder,…

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