{"id":49678,"date":"2018-05-03T15:53:23","date_gmt":"2018-05-03T22:53:23","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=49678"},"modified":"2023-09-19T15:00:48","modified_gmt":"2023-09-19T14:00:48","slug":"telegram-cancels-public-ico","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/","title":{"rendered":"Telegram Cancels Public ICO"},"content":{"rendered":"

In January, the popular messaging app, Telegram, announced that it would launch an ICO to fund its Telegram Open Network<\/a>. This new platform would transcend the apps prowess beyond messages and into mobile payments and other value transactions. In their white paper<\/a>, the company likens their initiative to \u201ca decentralized counterpart to everyday money \u2013 a truly mass market cryptocurrency.\u201d<\/p>\n

This currency, the TON token<\/a>, represents the company\u2019s first real foray into cryptocurrencies.<\/p>\n

\"\"
Launching in 2018, the Telegram Open Network<\/a> will be based on multi-blockchain Proof-of-Stake system<\/figcaption><\/figure>\n

To date, they have more than 200 million users, and their platform has found quite a following in the crypto community. Known for its end-to-end encryption and incredible blending of personal privacy and broad reach, Telegram has become uniquely aligned with the cryptocurrency movement.<\/p>\n

It\u2019s widely used as a communication tool for blockchain startups, and their privatized ethos makes it a natural fit for the crypto community.<\/p>\n

In initial documents about their ICO, Telegram indicated that they hoped to raise $1.2 billion through their private and public token sale. Clearly, things didn\u2019t go exactly as planned.<\/p>\n

A Stunning Result. A Surprising Move.<\/h2>\n

The crypto community has been clamoring for months over the prospect of purchasing Telegram\u2019s digital currency. To the shock of many, The Wall Street Journal<\/a> is reporting that telegram has canceled its planned public ICO after two rounds of private fundraising.<\/p>\n

Citing an unnamed source close to the company, the Journal reports that:<\/p>\n

\u201cTelegram Group Inc. has pulled in $1.7 billion by selling newly created cryptocurrency to fewer than 200 private investors.\u201d<\/p><\/blockquote>\n

Only investors with a net worth of more than $1 million or an annual income of more than $200,000 can participate in these private sales, and wealthy investors demonstrated a strong interest in Telegram\u2019s project.<\/p>\n

A January article TechCrunch<\/a> speculated that private investors might be required to offer a minimum investment of $20 million to gain access to the presale. Unlike other ICOs, investors were asked to contribute fiat money to the project instead of cryptocurrencies.<\/p>\n

Although the company has not confirmed the reason for canceling their public ICO, it\u2019s widely assumed that they raised enough money in their private sale to support their blockchain initiative. Additionally, by shirking the public ICO, Telegram may be protecting itself from future regulatory oversight or restrictions that might result from the uncertain legality of the ICO market.<\/p>\n

Investors Take to Secondary Markets<\/h2>\n

Of course, this decision is not without consequence.<\/p>\n

Not to be deterred, many investors are taking to secondary markets to purchase the TON token that Telegram issued with the sale. According to some reports<\/a>, private investors have been reselling their tokens for more than three times the value of the initial purchase.<\/p>\n

\"Russia
Related Story:\u00a0Russia Orders Telegram Block Over Encryption Key Order<\/a><\/figcaption><\/figure>\n

Since early investors typically receive steep discounts on the token\u2019s purchase price, that\u2019s a reasonably prolific return for a platform that has yet to launch.<\/p>\n

What\u2019s more, it illuminates a rarely acknowledge sentiment in the crypto community: the wealthy still rule the day. For new digital currencies, the most affluent investors often get the first crack at investment, and, in situations like this, they can use their opportunity to create a robust secondary market from which only they can profit.<\/p>\n

In the meantime, it seems like Telegram is well-funded for its new project, and it will be exciting to see what developments roll out in the future as the Telegram Open Network continues to develop.<\/p>\n","protected":false},"excerpt":{"rendered":"

In January, the popular messaging app, Telegram, announced that it would launch an ICO to fund its Telegram Open Network. This new platform would transcend the apps prowess beyond messages and into mobile payments and other value transactions. In their white paper, the company likens their initiative to \u201ca decentralized counterpart to everyday money \u2013 […]<\/p>\n","protected":false},"author":5,"featured_media":49709,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61045],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nTelegram Cancels Public ICO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Telegram Cancels Public ICO\" \/>\n<meta property=\"og:description\" content=\"In January, the popular messaging app, Telegram, announced that it would launch an ICO to fund its Telegram Open Network. This new platform would transcend the apps prowess beyond messages and into mobile payments and other value transactions. In their white paper, the company likens their initiative to \u201ca decentralized counterpart to everyday money \u2013 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-03T22:53:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-19T14:00:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/telegram-stop-ico-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bill DeLisle\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Telegram Cancels Public ICO\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/telegram-stop-ico-social.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bill DeLisle\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/\"},\"author\":{\"name\":\"Bill DeLisle\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/3221f0948aa6ebb0dde5ca1e7bee2d8a\"},\"headline\":\"Telegram Cancels Public ICO\",\"datePublished\":\"2018-05-03T22:53:23+00:00\",\"dateModified\":\"2023-09-19T14:00:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/\"},\"wordCount\":595,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"articleSection\":[\"Privacy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/#respond\"]}],\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/\",\"url\":\"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/\",\"name\":\"Telegram Cancels Public ICO\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/#website\"},\"datePublished\":\"2018-05-03T22:53:23+00:00\",\"dateModified\":\"2023-09-19T14:00:48+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cryptoslate.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Telegram Cancels Public ICO\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cryptoslate.com\/#website\",\"url\":\"https:\/\/cryptoslate.com\/\",\"name\":\"CryptoSlate\",\"description\":\"Cryptocurrency News and Real-time Coin Data\",\"publisher\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"inLanguage\":\"en-US\"},{\"@type\":[\"Organization\",\"NewsMediaOrganization\"],\"@id\":\"https:\/\/cryptoslate.com\/#organization\",\"name\":\"CryptoSlate\",\"url\":\"https:\/\/cryptoslate.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg\",\"width\":1000,\"height\":1000,\"caption\":\"CryptoSlate\"},\"image\":{\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/twitter.com\/cryptoslate\",\"https:\/\/www.instagram.com\/cryptoslate\",\"https:\/\/www.linkedin.com\/company\/cryptoslate\",\"https:\/\/www.youtube.com\/c\/cryptoslate\",\"https:\/\/cryptoslate.substack.com\",\"https:\/\/t.me\/cryptoslatenews\",\"https:\/\/www.tiktok.com\/@cryptoslatenews\"],\"publishingPrinciples\":\"https:\/\/cryptoslate.com\/editorial-policy\/#editorial-principles\",\"ownershipFundingInfo\":\"https:\/\/cryptoslate.com\/disclaimers\/how-cryptoslate-makes-and-spends-money\/\",\"actionableFeedbackPolicy\":\"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback\",\"correctionsPolicy\":\"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback\",\"ethicsPolicy\":\"https:\/\/cryptoslate.com\/editorial-policy\/#editorial-principles\",\"foundingDate\":\"2017-08-04\",\"founder\":[{\"@type\":\"Person\",\"name\":\"Nate Whitehill\"},{\"@type\":\"Person\",\"name\":\"Matthew Blancarte\"}],\"contactPoint\":[{\"@type\":\"ContactPoint\",\"contactType\":\"customer support\",\"url\":\"https:\/\/cryptoslate.com\/contact\/\",\"availableLanguage\":\"en-US\"},{\"@type\":\"ContactPoint\",\"contactType\":\"sales\",\"url\":\"https:\/\/cryptoslate.com\/advertising\/\",\"availableLanguage\":\"en-US\"},{\"@type\":\"ContactPoint\",\"contactType\":\"newsroom\",\"url\":\"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback\",\"email\":\"tips@cryptoslate.com\",\"availableLanguage\":\"en-US\"}],\"masthead\":\"https:\/\/cryptoslate.com\/about\/#masthead\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/3221f0948aa6ebb0dde5ca1e7bee2d8a\",\"name\":\"Bill DeLisle\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/09\/cs-bill-d-150x150.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/09\/cs-bill-d-150x150.jpg\",\"caption\":\"Bill DeLisle\"},\"description\":\"Bill is a writer who frequently covers cryptocurrency and the fintech movement. He lives in the Indianapolis area with his wife and two kids.\",\"url\":\"https:\/\/cryptoslate.com\/author\/bill-delisle\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Telegram Cancels Public ICO","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/","og_locale":"en_US","og_type":"article","og_title":"Telegram Cancels Public ICO","og_description":"In January, the popular messaging app, Telegram, announced that it would launch an ICO to fund its Telegram Open Network. This new platform would transcend the apps prowess beyond messages and into mobile payments and other value transactions. In their white paper, the company likens their initiative to \u201ca decentralized counterpart to everyday money \u2013 […]","og_url":"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/","og_site_name":"CryptoSlate","article_published_time":"2018-05-03T22:53:23+00:00","article_modified_time":"2023-09-19T14:00:48+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/telegram-stop-ico-social.jpg","type":"image\/jpeg"}],"author":"Bill DeLisle","twitter_card":"summary_large_image","twitter_title":"Telegram Cancels Public ICO","twitter_image":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/telegram-stop-ico-social.jpg","twitter_creator":"@cryptoslate","twitter_site":"@cryptoslate","twitter_misc":{"Written by":"Bill DeLisle","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/#article","isPartOf":{"@id":"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/"},"author":{"name":"Bill DeLisle","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/3221f0948aa6ebb0dde5ca1e7bee2d8a"},"headline":"Telegram Cancels Public ICO","datePublished":"2018-05-03T22:53:23+00:00","dateModified":"2023-09-19T14:00:48+00:00","mainEntityOfPage":{"@id":"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/"},"wordCount":595,"commentCount":0,"publisher":{"@id":"https:\/\/cryptoslate.com\/#organization"},"articleSection":["Privacy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/#respond"]}],"copyrightYear":"2018","copyrightHolder":{"@id":"https:\/\/cryptoslate.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/","url":"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/","name":"Telegram Cancels Public ICO","isPartOf":{"@id":"https:\/\/cryptoslate.com\/#website"},"datePublished":"2018-05-03T22:53:23+00:00","dateModified":"2023-09-19T14:00:48+00:00","breadcrumb":{"@id":"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/cryptoslate.com\/telegram-cancels-public-ico\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cryptoslate.com\/"},{"@type":"ListItem","position":2,"name":"Telegram Cancels Public ICO"}]},{"@type":"WebSite","@id":"https:\/\/cryptoslate.com\/#website","url":"https:\/\/cryptoslate.com\/","name":"CryptoSlate","description":"Cryptocurrency News and Real-time Coin Data","publisher":{"@id":"https:\/\/cryptoslate.com\/#organization"},"inLanguage":"en-US"},{"@type":["Organization","NewsMediaOrganization"],"@id":"https:\/\/cryptoslate.com\/#organization","name":"CryptoSlate","url":"https:\/\/cryptoslate.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg","width":1000,"height":1000,"caption":"CryptoSlate"},"image":{"@id":"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/twitter.com\/cryptoslate","https:\/\/www.instagram.com\/cryptoslate","https:\/\/www.linkedin.com\/company\/cryptoslate","https:\/\/www.youtube.com\/c\/cryptoslate","https:\/\/cryptoslate.substack.com","https:\/\/t.me\/cryptoslatenews","https:\/\/www.tiktok.com\/@cryptoslatenews"],"publishingPrinciples":"https:\/\/cryptoslate.com\/editorial-policy\/#editorial-principles","ownershipFundingInfo":"https:\/\/cryptoslate.com\/disclaimers\/how-cryptoslate-makes-and-spends-money\/","actionableFeedbackPolicy":"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback","correctionsPolicy":"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback","ethicsPolicy":"https:\/\/cryptoslate.com\/editorial-policy\/#editorial-principles","foundingDate":"2017-08-04","founder":[{"@type":"Person","name":"Nate Whitehill"},{"@type":"Person","name":"Matthew Blancarte"}],"contactPoint":[{"@type":"ContactPoint","contactType":"customer support","url":"https:\/\/cryptoslate.com\/contact\/","availableLanguage":"en-US"},{"@type":"ContactPoint","contactType":"sales","url":"https:\/\/cryptoslate.com\/advertising\/","availableLanguage":"en-US"},{"@type":"ContactPoint","contactType":"newsroom","url":"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback","email":"tips@cryptoslate.com","availableLanguage":"en-US"}],"masthead":"https:\/\/cryptoslate.com\/about\/#masthead"},{"@type":"Person","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/3221f0948aa6ebb0dde5ca1e7bee2d8a","name":"Bill DeLisle","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/09\/cs-bill-d-150x150.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/09\/cs-bill-d-150x150.jpg","caption":"Bill DeLisle"},"description":"Bill is a writer who frequently covers cryptocurrency and the fintech movement. He lives in the Indianapolis area with his wife and two kids.","url":"https:\/\/cryptoslate.com\/author\/bill-delisle\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/49678"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=49678"}],"version-history":[{"count":4,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/49678\/revisions"}],"predecessor-version":[{"id":49712,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/49678\/revisions\/49712"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/49709"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=49678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=49678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=49678"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=49678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}