Telegram Cancels ICO After Raising Nearly $2 Billion in Private Money

Telegram has scrapped ICO plans after record-breaking private fundraising, and plans a new form of digital payment system on their own network.ICO isn’t needed after raising $1.8 billion in private fundsTelegram Group Inc. announced that it is ending plans for public fund raising since it has raised so much money from private investment. Originally the startup messaging service created by Russian brothers Pavel and Nikolai Durov planned to launch their public ICO for the gram coin in order to fund their Telegram Open Network (TON) but since they took in almost $2 billion in two rounds of private funding the ICO has been scrapped.As was reported in the Wall Street Journal Telegram’s initial plans were to raise $1.2 billion dollars to build their TON network evenly split between private and public rounds of fundraising. After it raised a reported $850 million in its first round of private investment in February…

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