Regardless of the information received earlier in January that the secure messaging service Telegram is opening up its digital coins for public sales, it is not now. This information came from an anonymous source recently which let down the public investors who were prepared to invest in the company’s cryptocurrency. Telegram said that Gram is going to be a new online currency and it will be a way to move money wherever we want in the world.
It is believed to be one of the largest cryptocurrency investment and has already raised $1.7 billion. The shutdown is credited to increasing and constricted regulations of the Securities and Exchange Commission, Commodity Futures Trading Commission. Changes occurred in the regulatory environment from January due to swirling rumors that Telegram was found examining ICO.
Telegram decided to discard the public offering after the initial coin offering which will remain as one of the largest ever. In the month of February, Chairman of SEC, Jay Clayton had a bitter say where he mentioned that “Many ICO’s are being conducted illegally.” Adding to which he said “Their promoters and other participants are not following our security laws.”
Following the statements, information came up that the SEC has subpoenaed various cryptocurrency companies which included ICOs launched by tech companies too.
Predictions are also such that Telegram might have already raised enough money through private sales that making the cryptocurrency public may not be needed. The first presale of the ‘Gram’ cryptocurrency was in February which raised around $850 million from 81 investors. Following in March, it added another $850 million from 94 investors. Summation of which is billions from fewer than 200 private investors. Pretty awesome right!
According to the reports, Telegram has told the investors that the first batch of the Gram cryptocurrency will be out within next two months. Telegram also makes sure that the Gram Digital Wallet is available to the 200 million to 300 million global users of it’s messaging application.
Apparently, Telegram would be using the raised funds in an Open Network project that will focus on developing new features for the messaging platform. And as promised, the network could also be used as an alternative to Visa and MasterCard.
Gram Asia which is Asia’s biggest holder of Telegram’s coins ran a sale of its own Gram tokens on liquid.com ( cryptocurrency trading platform). According to a financial website’s report, Gram Asia sold rights to its Gram tokens for $4 a piece, which is around 3 times the price of the token during its ICO.