FT: Kleiner Perkins Caufield & Byers, Benchmark, and Sequoia Capital want to invest in Telegram’s upcoming $1.2 billion ICO.
Encrypted messaging app Telegram has exploded in popularity and is the app of choice for cryptocurrency traders.
But the app is also popular with terrorists and has become a magnet for scammers looking to get rich quick in the crypto market.
LONDON — Silicon Valley venture capital firms are keen to invest in Russian messaging app Telegram, according to the Financial Times.
The FT reported on Friday that Kleiner Perkins Caufield & Byers, an early backer of Google and Amazon, Benchmark, which backed Uber and Twitter, and Sequoia Capital, known for early bets on Apple and Google, all want to invest $20 million in Telegram.
Telegram, which claims to have 170 million monthly users, is currently looking to raise $1.2 billion through an “initial coin offering”, which means it will issue its own digital currency. The FT said the interested VCs would buy up these digital coins as a way of backing the startup.
The interest highlights the fact that many VCs are concerned that the current digital currency boom is passing them by.
Returns on ICOs last year topped 1,000% but few VCs …read more
Source:: Businessinsider – Technology
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