The largest venture companies are interested in participating in Telegram ICO. Sequoia Capital, Benchmark Capital, and Kleiner Perkins Caufield & Byers announced their intention to invest in the development of the multifunctional TON blockchain platform.
At the same time, cryptocurrency specialized funds deliberately refuse from this opportunity. Charles Noyes from Pantera Capital, engaged in bitcoin investments since 2013, said that the offer of the TON platform does not at all seem so interesting. Excessive demand for this ICO indicates that the sector is overheated since the white paper of the project contains little convincing specifics.
Bart Stephens, managing partner of Blockchain Capital, also refused to invest in Telegram ICO, says that for the investors who missed the cryptocurrency boom last year, Telegram’s offer seems very profitable, some opportunity to catch up.
The manager of the Solidus Capital cryptocurrency fund, Carlos Mosquera, fully agrees with the experts. He also believes that this ICO is too overpriced, so refused to participate. According to him, many market participants today conclude ridiculous deals, acquiring tokens just in case, like chips in the casino.
Nick Tomaino (Nick Tomaino), who manages Peter Thiel and Marc Andreessen-backed cryptocurrency fund 1confirmation, also refused to invest in TON, as he doubts that the project team is able to fulfill its promises:
“It’s a big-name ICO, attracting big-name investors, but I ultimately believe the effort requires deep technical expertise and historical context on crypto-economics, consensus mechanisms, and scalability, which they don’t have,”