Russian messenger Telegram has decided to end its planned public coin offering, or ICO, to a wider investment public after raising USD 1.7 billion from fewer than 200 private investors, the Wall Street Journal, citing sources and the company’s latest filing. The company had initially planned to attract USD 2.55 billion.
The money raised will go towards the design of a new digital payment platform called Telegram Open Network (TON), meant for a wider audience than established virtual currencies like bitcoin. The network, to be built using “blockchain” ledger technology, “can become a Visa/Mastercard alternative for a new decentralized economy,” the company noted in a 23-page description of its plans.
During the second round in March, the company attracted USD 850, with the participation of 94 investors. Telegram declined to comment on the report.
