Telegram Reportedly Calls Off ICO Plans After Two Funding Rounds
Posted: Tue May 01, 2018 8:11 pm
Telegram Group Inc. has canceled its initial coin offering after the popular messaging app raised a record-setting $1.7 billion from a group of less than 200 private investors, the Wall Street Journal reports.
Telegram has sold its Gram virtual coins in two private funding rounds with proceeds going to create a decentralized network for the app. The second round of fundraising has collected $850 million from 94 accredited investors, who were required to pump a minimum of $1 million, according to a Securities and Exchange Commission filing.
That has doubled the investment funds raised by the first presale offering, which has closed ... (read more)