Big Investors Circle Telegram’s ICO While Veteran Crypto Insiders Pass

There’s a disconnect among investors eyeing what could be the largest initial coin offering ever. Some of the biggest venture capital firms have signaled interest in an ICO from Telegram, while long-time cryptocurrency investors are skipping it.

The Dubai-based company’s ICO has attracted major investors with its $2 billion target, a well-known brand and a user base for its encrypted messaging service in the millions. Sequoia Capital and Benchmark Capital expressed interest in buying coins for the so-called TON network, according to three people familiar with the conversations who weren’t authorized to speak publicly, and the Financial Times recently reported that Kleiner Perkins Caufield & Byers is investing.