The Big News | Telegram Cancels $1.7 Billion ICO Cryptocurrency Crowdfunds
As per the recent cryptocurrency media news, the world’s largest cryptocurrency fundraising platform has been put to hold after the Telegram announced their plans to broaden their initial coin offerings (ICO). The public ICO for Telegram has been shut-off and the reason still is unclear. As per the media reports, the reason for this shut down might be the tight regulations in the space.
The familiar domain “The Wall Street Journal” has reported that the company would be open to the scrutiny from the organisations like security and exchange commission (SEC).
After the launch of the probe by SEC into a dozen of the countries, it has come to light that there are more than $6 billion that was raised by the ICO’s in 2017 and $12 billion raised since the first one was launched 4 years back. Out of the total funds, $2 billon was from the small private investors who were backing Telegram’s ICO.
Telegram on its way to launch its own virtual currency for 200 million users.
After the analysis of the ICO market, it came to light that more than 80 percent of all the ICOs were fraudulent. Telegram claims its credibility but according to the analysts, this scenario will be determined until they launch later this year.
The Telegram Open Network’s ICO (TON) has defined the way in which they will help overcome the limitations with the other major virtual currencies like bitcoin in their whitepaper. With the motto of improving the limitations transaction time and fees. Telegram intends to encourage 200 million users to make payment using the blockchain based system.
Key Points –
- Telegram to launch its own virtual currency.
- TON to be used for transactions soon via 200 million users.
- Analysts claim that 80 percent of ICOs are fraudulent.
- Telegram will use the expertise in encrypted distributed data storage to create TON.
- TON to create a scalable multi-blockchain architecture.
Source – Independent