Telegram changes its plans by canceling the public ICO
The Wall Street Journal has just announced that Telegram has abandoned the idea of launching a public Initial Coin Offering (ICO) for its Telegram Open Network (TON) project.
Telegram specializes in encrypted instant messaging with its mobile application of the same name used by over 200 million people around the world.
The company founded by Paven Dourov and his brother Nicolaï wishes to develop a blockchain called TON for their Telegram application. They have already launched a private pre-ICO in 2 rounds, each of which (1 and 2) raised $850 million from large priority investors.
On 12 April, rumors were circulating about the cancellation of TON’s ICO, the reasons given were a ban on the sale of securities to individuals by the US Securities and Exchange Commission and the absence of a real product.
Another unforeseen event for Telegram last month, when a Moscow court requested its blocking following Mr Dourov’s refusal to transmit encryption keys to the Russian government (used to be able to decrypt and read messages on the application).