Telegram Renounces Its Public Cryptocurrency Fundraising

Telegram Renounces Its Public Cryptocurrency Fundraising

The popular Telegram e-mail application has raised so much money from a small group of private investors that it has decided to cancel the cryptocurrency sale it had originally planned for a wider public investors. The Telegram group earned $ 1.7 billion by issuing a cryptocurrency created for the occasion. A sum raised from less than 200 private investors.

The start-up, founded by two Russian brothers, has created a tidal wave of enthusiasm in the OTC market vis-a-vis its next project, which it describes as a digital payment platform, which will address a wider audience than well-established virtual currencies like bitcoin. Telegram says the money raised for this project, dubbed the Telegram Open Network, will be used to build its new technology and continue to develop and track its core messaging service, which has about 200 million users across the globe.

Telegram Renounces Its Public Cryptocurrency Fundraising
Telegram Renounces Its Public Cryptocurrency Fundraising

The fundraising, which took place from January to March, made Telegram one of the largest “initial coin offerings” (ICO – cryptocurrency fundraising), a type of operation that spreads rapidly. big V and arouses a strong

Lisa Adams

Lisa is an independent writer and former social policy researcher. She writes on food, agriculture and geopolitics As a reporter for WNL, Lisa covers science and environmental stories.. Originally from the UK, Lisa has spent many years in India where she has written for various publications, most notably the Bangalore-based Deccan Herald for 10 years.

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