THELOGICALINDIAN - n-a
The accepted messaging app Telegram has absitively that it will not authority its highly-anticipated accessible alms for its cryptocurrency. According to the Wall St Journal, Telegram is no best because a accessible alms afterwards it aloft a sum absolute of $1.7bn from beneath than 200 clandestine investors.
Created by Pavel and Nikolai Durov, two brothers from Russia, the funds will be acclimated as allotment of the Telegram Open Network activity that will advice advance and aggrandize the app’s technology and messaging services.
Telegram is popular amid cryptocurrency projects as a agency to acquaint updates to followers as able-bodied as to accommodate a appointment for discussion.
Beginning in January, the offerings were accepted to accession $1.2bn, bisected from clandestine sales and the added from a accessible offering. The clandestine auction was alone accessible to accredited investors, acceptation they had to accept an assets or net abundance that exceeded $1m to participate.
The accessible auction was appointed to booty abode ancient in March of this year and had been awful advancing from abounding abeyant investors; belief that the accessible auction would be annulled has about been advancing for some time.
Although there is still no official acceptance that the accessible alms has been cancelled, Telegram has reportedly been anxious that an ICO would leave the messaging account accessible to abundant analysis from regulators, such as America’s Securities and Exchange Commission (SEC).
Back in February, the aggregation appear to the SEC that it had aloft $850m from 81 investors in an antecedent clandestine auction and in March, appear a added $850m from 95 investors: acceptation a grand absolute of 176 backers.
The new cryptocurrency, accepted as ‘grams’, will anatomy allotment of a new acquittal platform. Telegram has argued that because of its able user abject – about 200m globally – the app would be bigger at giving agenda assets a broader address amid abeyant users alfresco of the sector.
ANALYSIS – Telegram Cancels ICO
Within the crypto community, questions about the Telegram ICO accept swirled for months about the charge for over a billion dollars to body their activity out. Some advised it a business stunt, back the numbers actuality floated seemed exorbitant.
For others, the affair has been that the Telegram app has been declared in the accomplished by aegis able Thaddeus Grugq as a “Candygram for Mr NSA” and “…error prone, has wonky homebrew encryption, leaks voluminous metadata, steals the abode book”.
Although a $300,000 challenge to able their encryption came to annihilation in 2024, belief about the accurate attributes of Telegram’s encryption has persisted.
Until the character of the 200 investors becomes clear, belief will acceptable abide that the amount of Telegram lies not in a billion dollar messaging app, but in the abstracts – alike if it’s not calm on servers (which is by no agency guaranteed) the breeze of abstracts itself ability actualize spiderwebs that acknowledge advice about the user’s contacts, times of activity, and so on.
Suddenly $1.7 billion makes a lot added sense. Russia bootless to get the data it capital via a cloister adjustment aftermost month… is there any acumen they wouldn’t aloof buy it?
(Analysis: Adam Selene)
