Telegram plans to cancel public sales of cryptocurrency but it still raises $1.7 billion in funds

May 3 news Recently, according to insiders, Telegram’s cryptocurrency has been sold to private investors with no more than 200 people, and has already raised 1.7 billion US dollars. This figure is even larger than the original plan to raise a total of 1.2 billion U.S. dollars. Or because of this, Telegram plans to cancel the sale of cryptocurrency to the public a few days ago.
Telegram, developed by Russians, is a non-profit-oriented instant messaging software that currently has about 200 million users worldwide. Telegram's biggest feature is the use of P2P transmission and strict encryption means, can not be intercepted interception, with superior privacy. However, as a result, government regulators cannot effectively supervise the content sent by Telegram, making it easy to become a communication tool for criminals. Previously, Russia and other countries had asked Telegram to provide user encrypted information, but all were rejected, so that Telegram was blocked by many countries.
Telegram coincides with the multi-centric thinking of the blockchain, so last year Telegram began the transition to a blockchain company and plans to publicly issue cryptocurrencies. Due to its large scale, Telegram is known as the largest cryptocurrency crowdfunding in history. project.
However, according to another informed source, Telegram had to consider canceling plans to publicly sell cryptocurrencies because of the tightening of policies of the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and other financial regulatory agencies of other countries.
Of course, the cancellation of the plan may also be due to Telegram’s acquisition of 1.7 billion U.S. dollars through private fundraising. The funds will be used in the Telegram Open Network project for product and technology development and project advancement.