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.
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