Published On: Sun, Feb 4th, 2018

Crypto Insiders Not Buying What Telegram is Selling

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Telegram, a popular non-profit cloud-based instant messaging service, is kind of a big deal. Even so, many big-time cryptocurrency investors aren’t interested in the company’s record-seeking $2bn initial coin offering (ICO).
Telegram is seeking to fund a mainstream payment system utilizing multi-blockchain architecture, which will be integrated into their popular messaging application.
Even for a well-known and reputable brand like Telegram, however, reaching a target goal $2bn for an ICO is no easy feat, requiring big-money crypto investors to hop on board—but many are passing on the opportunity.

Lofty Goals, Little Faith
Charles Noyes of San Francisco-based blockchain-focused investment firm Pantera Capital, which currently manages roughly $800 million of blockchain-related assets, is one such investor. Noyes told Bloomberg that he has little interest in the giant ICO, citing concerns over the project’s whitepaper:
My primary concern with it is that, in the first offering institutions are seriously looking at, they’re promising something that will somehow be radically better than everything else out there, with no real explanation of how that will happen or outside scrutiny of those claims.
Bart Stephens, managing partner at Blockchain Capital, is another investor who’s …

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