Public ICO by Telegram Open Network is Not Worth Waiting for

Telegram connection on mobile

We can’t say that the news is a serious surprise, but it seems that the cryptocurrency fans who wanted the piece of the Telegram Open Network pie at the Initial Coin Offerings (ICO) stage remained empty. The volume of Telegram, which has grown in private sale, is 1.7 billion dollars, is already astronomical, and it seems that any additional funding from the public offering does not cost potential problems with regulators. The climate for CHI became more uncertain in 2018, when the SEC in the United States investigated several issuers for ticket sales.

Only accredited investors (over $1 million) were allowed to participate in private sale, and it seems that the attractiveness of 200 million Telegram users was too strong to resist them. $1.7 billion, Attracted by Telegram, absolutely suppress all sales of other tokens in history – Filecoin, for example, “only” managed to collect 262 million dollars.

The Wall Street Journal reports anonymous sources close to this issue, saying that private sale brought a satisfactory amount to Telegram. Fundraising was conducted in two rounds, each of which collected about 850 million dollars. They filed a proposal with the SEC as a security offer that is exempt from registration and the document states that the funds will be used to “… develop TON Blockchain, develop and maintain Telegram Messenger and other purposes described in the proposal materials.”

Telegram is still extremely hidden about its raid on the blockchain space, but the Telegram Open Network is a very ambitious project, and the company claims that its unique position with the already established large database will make its cryptocurrency acceptance a very realistic scenario, Regardless of what Telegram performs with the help of the Gram cryptocurrency, one thing is for sure – the budget will not be a restriction for the project.