Some time ago Telegram announced its entry into the cryptocurrency market with Gram. To start this project, the company launched an ICO (initial coin offering). So far it was being a notable success with a gross gross of $ 1,7 billion. But the company has made the decision to cancel this ICO by surprise.
Since no one expected this decision by Telegram, much less investors. It seems that the reason for the cancellation of this ICO is that the company has raised a lot of money from various private investors. So you no longer need to use this form of collection.
At least this is what they report from various media in the United States. But Telegram itself has not given any reaction so far. So we will have to wait a while to find out the true reason for this cancellation.
In the first collection round held in February, the firm obtained 850 million dollars from 81 different investors. Among them we find venture capital firms such as Sequoia Capital or Benchmark. The second round was held in March, in which also they got 850 million, in this case from 94 different investors.
So the company has raised $ 1,7 billion from 175 different investors. What will happen to the money raised? Apparently It will be used for the Telegram Open Network project. Thanks to this project, the messaging application will continue to be financed and new functions will be introduced in it.
Apparently Telegram does not need more than 1,7 billion to build and launch the Telegram Open Network. In fact, in the next three years the company plans to spend only $ 400 million. So with the money they have already obtained they can afford to cancel this ICO.