Telegram refused to hold an open round of ICO

[Nikola282828]

The head of Telegram Pavel Durov decided not to carry out crowdsale of tokens of the TON (Telegram Open Network) project, which gathered as a result of a $1.7 billion presale from 175 large investors.

This writes the Wall Street Journal, citing a source familiar with the situation. The publication recalls that the funds raised will go to the development of technology and support of an extensive customer base, which is about 200 million people. As stated in the white paper of the project, the blockchain-TON system can become an alternative to the payment systems Visa and Mastercard in the framework of the new decentralized economy.

Telegram token presale continued from January to March 2018. According to a report filed with the SEC in February, the first round resulted in $850 million from 81 investors. On March 29, the company announced charges in the amount of another $ 850 million from 94 investors.

As the WSJ notes, the reason for the refusal of the farthest fundraising is still unknown. One of the key factors can be a large amount of the received amount, which allows you to refuse further involvement. Another factor may be a change in the approach of financial regulators to ICO. Fundraising, open to all, not just large accredited investors, can draw much more attention to the project and its managers.

Source coinfox.ru

[Corrosive]

Be glad you didn't get a chance to go in.....

With so few investors and so much invested,whatever the price ends up could change in the blink of an eye. Lessthan 100 investors with over 1.7b of capital in sounds like there is gonna be a LOT of members of the public getting rekt HARD when this hits exchanges....

[caisa88]

I think that this is a normal decision from their part, and raising this huge amount of money. Anyway, it probably would have been a bad idea to invest in this ICO even if they decided to still keep it, so you didn't miss anything really.