Telegram Cancels Initial Coin Offering: What It Means for ICOs

Thus far, 2018 has largely been a period of uncertainty regarding the state and future of Initial Coin Offerings. With the US SEC taking an increasingly active role in the regulation of ICOs, and an increasingly controversial perception of this funding method, it is unclear what sort of role ICOs will serve in both the short and long run. Earlier this week, the Wall Street Journal reported that Telegram had decided to cancel its hotly anticipated ICO. The encrypted messaging application plans to create the Telegram Open Network (TON), a massively scalable blockchain ecosystem for micropayments and file storage, among other services, through DApps and smart contracts across multiple, connected blockchains. Previously, the plan was for an open ICO to take place after a two-stage private pre-sale. However, after receiving a combined US$1.7 billion from both stages of the pre-sale, an anonymous source announced to the WSJ that the public…

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