Published On: Sun, May 13th, 2018

How Telegram Might Have Ruined the ICO for Everyone

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Telegram, an extremely popular messaging app, may have ruined the ICO fundraising method for the entire blockchain industry. In fact, their first victim might have even been themselves.
Also read: ADI Cryptocurrency Summit Brings Mining to New York City
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Telegram Accepting Fiat in an ICO: a Path to Tanking the Crowdsale Market?
In January 2018, Telegram announced a massive, $2 billion ICO to raise funding for an ambitious blockchain platform — beginning with a private sale exclusive to accredited investors. In an unheard-of move in the token sale world, the company only accepted fiat currency for their ICO.
That move, however, might have ignited the downfall of the ICO market.
Vanbex Group CEO Kevin Hobbs told Bitsonline that Telegram’s decision to accept fiat in their token sale had some alarming effects in the altcoin market. Vanbex, a blockchain industry consultancy firm, invested in the ICO itself, and noticed that participants began dumping their tokens for bitcoin and ether as soon as they got them — and immediately converted their proceeds back into fiat.

By accepting fiat, Hobbs said, Telegram removed the need …

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