Wall Street Journal: Telegram, a security information service, will cancel its ICO plan

According to the Wall Street Journal, after raising $1.7 billion in funds from 200 private investors, Telegram, the security information service, will cancel the original ICO plan and will not sell its cryptocurrency to the public.

The company conducted its first cryptocurrency pre-sale in February and raised 850 million U.S. dollars. Then in March it also raised 850 million U.S. dollars through sales of cryptocurrencies. The company’s initial plan was to raise 2 billion U.S. dollars through presales. .

However, as reported, Telegram believes that it has raised enough funds, and it also wants to avoid ICO censorship, so it intends to cancel the original ICO plan.

Telegram will use this $1.7 billion in funds for the company's Open Network project.