Homepage / Technology / Big cryptocurrency investors are taking a pass on Telegram’s much-hyped initial coin offering
Les Gambling establishments en Ligne en France 2024 200% Reward + 300 Free Rotates LevelUp Internet casino Melbourne En İyi ve Güvenilir Casino Siteleri Canlı Casino Siteleri 2023 Listesi En İyi ve Güvenilir Casino Siteleri Canlı Casino Siteleri 2023 Listesi Le meilleur casino en ligne franзais Extra Casino avec le dйpфt minimal le in addition bas Yeni Casino Siteleri ᐈ Çevrimiçi Kumarhaneler Mart 2024 Les gambling establishments en ligne proposent une grande variйtй de jeux de internet casino gratuits. Türkiye’deki Resmi Web Sitesi Google Play, Türkiye’de kumar oyunlarına izin verecek Her Gün Tatil Olsa ORDU’DA PAZARTESİ GÜNÜ FINDIK FİYATI NASIL? كازينو اون لاين الكازينوهات الممتازة على الإنترنت ألعاب الكازينو المباشرة مينا كازينو العر Google Play, Türkiye’de kumar oyunlarına izin verecek Domain Sorgulama & Domain Fýrsatlarý Canlı Casino Siteleri: 2024 Güvenilir Siteler Seçilmiştir Golden Easter Slot İncelemesi 2024, Demoyu Ücretsiz Oynayın Golden Easter Slot İncelemesi 2024, Demoyu Ücretsiz Oynayın 1xbet Türkiye Giriş Empieza Kayıt 202 Kumar Ve Kumarhaneler Hakkında Pek İlginç 21 Bilgi Kumarhane Doğru Yazımı Nedir? Tdk Ile Kumarhane Kelimesinin Doğru Yazılışı! Mobilbahiste En İyi Kumar Bonusları Ve Kazançlar Mobilbahis Giriş Sayfası On Line Casino Siteleri En Iyi Casino Siteleri 2024 Mostbet: Türkiye’de Internet Casino Mostbet Online Slotlar Ve Canlı-casin Pin Up Casino Oyna Türkiye, Pinup’un Sah Web Sites Ifade Haberleri Son Dakika Ifade Hakkında Güncel Haber Ve Bilgiler “önceliğimiz Transferin Önünü Açmak, Görüştüğümüz Yerler Var” On Line Casino Nuh’un Gemisi Deluxe Resort & Spa, Kıbrıs Bonus Veren Siteler 3 000 Den Fazla Online Oyunu Ücretsiz Oyna En Tehlikeli Kumar Oyunu Ekşi Sözlük Deneme Bonusu Veren Siteler Deneme Bonusu 2024 Explore the Magic of WildCardCity Güvenilir Bahis Siteleri En İyi Kumar Siteleri Balıkesir Triatlonuna Avrupadan Ödül Tricks of the Aviator gambling establishment game by Spribe Çevrim Içi Kumar Siteleri “bonus” Yalanıyla Kandırıyor En Güvenilir Canlı On Line Casino Siteleri Xbetting-tips Com Uncovering the Abundant Tapestry of Ozwin Gambling establishment Evaluating Board Portal Providers Uncovering the Wealthy Tapestry of Ozwin On line casino Electronic Data Area Providers Evaluation Cobra Internet casino: Raising the Australian On the internet Video gaming Practical experience 4 Things to Search for in Safeguarded Cloud Safe-keeping Fastpay On line casino Australia – Simple and No-Taxation Wagering Web page officielle franзaise de Joka Gambling establishment The Software Development Universe Game Woo Internet casino – Enjoy Slot machine games around australia Ostdeutsche Biersorten What Are Virtual Data Rooms? Vitamin D Receptor Polymorphisms Revue du Casino BlackLabel Faktory, kterй ovlivnujн hodnocenн ceskэch online kasin How to Make the Most of Your Web Development Organization and Advertising Efforts L’essor des casinos en ligne en France Boost Meeting Efficiency With Boardroom Technology Developments WildJoker Casino WildCardCity On line casino – Guaranteed Australian Gambling Portal WildCardCity Casino – The Ideal On the internet Gambling establishment within australia Modern Technologies Produce Sharing Documents Online Faster and More Protect Free Virtual Info Room pertaining to Speedy Due Diligence A Review of Data Area Software For people who do buiness Five Board Bedroom Features Which will help You Acquire a More Productive Boardroom Electronic Systems To your Business Understanding Legal Terms and Laws in Today’s World The Laws and Contracts of Hollywood: A Sunset Blvd. Tale Legal Discussion Between Johnny Cash and Antonin Scalia Legal Insights: What Teens Should Know Legal Issues and Exceptions: What You Need to Know Legal Insights and Expert Analysis Celebrity Dialogue: Legal Matters in the 21st Century Famous Personalities Discuss Legal Issues The Boys in the Boat: Legal Advisors and The Quest for Legal Knowledge Understanding Legal Matters: Q&A on Criminal Law, Joint Ventures, and More Enticing Title The Departed: Understanding Basic Work Requirements and Legal Rights Youth Slang Blog Article Legal Insights: A Journey into the World of Law The Ins and Outs of Legal Matters: Everything You Need to Know Legal Insights and Trends: A Rap Guide Mysterious Legal Matters Unveiled Insights and Information: Understanding Various Laws and Regulations Famous People of the 21st Century The Circle of Legal Life The Intersection of Fashion Law, Legal Translation, and THC Oil: A Modern Legal Guide Legal Q&A: Understanding Joinder Federal Rules and More Understanding Legal Terms and Conditions: A Comprehensive Guide Understanding Legal Documentation in a Fun Way! Understanding Legal Aspects: From Islamic Law of Inheritance to Farm Law Protests Understanding Legal Rights: A Guide to Legal Regulations and Requirements Understanding Legal Guidelines and Agreements Famous 21st Century People in Conversation Mysterious Legal Matters Unveiled Legal Matters and Real Estate: A Conversation Between Cameron Boyce and Donald Trump Understanding Legal Expertise and Why It Matters Legal FAQs and Expert Services Understanding Legal Ramifications: Common Law Ontario Health Benefits and More The Ins and Outs of Legal Requirements: From FBI Academy Physical Requirements to Silver Lake Fishing Rules The Legal Underworld: Understanding the Significance of Laws and Rights Legal Conversations: A Dialogue Between Jon Jones and Chadwick Boseman Legal Beats: Bobcats, Real Estate, Babysitting, and More

Technology

Big cryptocurrency investors are taking a pass on Telegram’s much-hyped initial coin offering

Some of the most prominent investors in cryptocurrency are passing on a much-hyped initial coin offering hosted by the messaging app Telegram, while the venture firms that have largely missed out are preparing to invest.

That role reversal is crystallizing ahead of a deadline to decide whether to participate in the $1.2 billion project. The venture firms that have been among the most aggressive in the burgeoning cryptocurrency sector — Andreessen Horowitz, Union Square Ventures and Bessemer Venture Partners — are all expected not to invest in the upcoming ICO, according to sources familiar with their plans.

This ICO, however, is attracting a range of U.S. investors who see the deal as less of an investment in cryptocurrency and more as another investment in a promising consumer product. Several major players in Silicon Valley who are newer to cryptocurrencies are investing: Benchmark, Sequoia Capital, Kleiner Perkins Caufield & Byers and the investor Yuri Milner, in his personal capacity, according to people briefed on their plans.

Outside investors are being asked to contribute about $20 million in the pre-sale period of the ICO offered by Telegram, the encrypted social messaging app that is hugely popular overseas. The $1.2 billion made in the ICO would allow Telegram to build and support a payment system on its platform.

The Telegram Open Network offering would put the currency before the app’s 180 million monthly active users.

“TON is not a technology bet, since the ICO isn’t really proposing anything new. It is a user-traction bet,” said one investor with knowledge of the transaction.

Read more from Recode:

Ted Ullyot is retiring from Andreessen Horowitz after almost three years running the firm’s policy team

Twitter is selling a new kind of ad: Sponsored Moments

Facebook wants more gamers livestreaming, so it’s offering paid deals and a chance to earn donations from fans

Founders Fund, the investment vehicle started by Peter Thiel that has also taken the unusual step of buying cryptocurrencies directly, is also still deciding whether to allocate money to the ICO. Some of those interested firms’ plans were first reported by the Financial Times.

Venture capitalists in recent months have been huddling with their funds’ own investors to see whether they can purchase ICO tokens instead of securities — or stock in private companies, which is what they’re supposed to do. Some firms are treading cautiously, but others like Coinbase backers Andreessen and USV have effectively become branded as, in the words of one investor, “the establishment” in this market.

Nearly every major venture firm has had access to participate in the Telegram ICO. And this deal appeals to venture funds, they say, because it offers an easy, introductory way for them to gain exposure to the crypto-economy without taking a risk on whether the currency will gain sufficient distribution. Interested investors say that Telegram’s mainstream appeal means that venture investors are not betting on some obscure platform that could fail even if the underlying technology is brilliant.

“It’s an easy ‘first ICO’ for VC’s ramping up to get their head around” cryptocurrency, said another person close to the ICO.

But here’s the bearish case, in the eyes of investors that passed on the deal: The assumption that every Telegram user is interested in using cryptocurrency isn’t valid. And this ICO does not solve the underlying problem for all ICOs — it is unclear how venture firms will cash in, even if the project is successful.

And others worry about the ICO’s lockup period — which sources say ends one to two years after its launch — and whether that could handcuff participants. A savvier move, investors say, would be to merely buy the currencies directly and be able to ride the incredible rise in the value of things like bitcoin.

Some others worry about the background of Pavel Durov, Telegram’s controversial CEO, or say they are not impressed by the underpinnings of the technology.

But unlike in traditional financing, the opinions of top-flight venture firms are only somewhat relevant to cryptocurrency insiders. The blessing of a Benchmark — or the thumbs-down of an Andreessen Horowitz — does not have the same signaling effect as it does when a startup is raising capital.

And also unlike startup fundraising, there is not one or two “lead” investors that provide most of the money. Some venture funds here that are pushing around $20 million also later plan to distribute their investment to their own syndicates of investors.

Much of the cash for the Telegram ICO is expected to come from non-American financiers, too.

About half the money for the project will be raised from the public at large later this winter, after institutional investors have had the chance to buy in.

Source: Tech CNBC
Big cryptocurrency investors are taking a pass on Telegram’s much-hyped initial coin offering

Comments are closed.