Telegram is again delaying the launch of its Telegram Open Network (TON) after the April 30 deadline was not metSome key players in the crypto industry don’t want Telegram to flip the coin.
Michael Novogratz, CEO of Crypto Trading Bank Galaxy Digital and one of the biggest bulls in Bitcoin (BTC), expressed skepticism about the Telegram blockchain and crypto project in a Tweet from April 30th.
Novogratz wants to convert 400 million telegram users into Bitcoin consumers
According to Novogratz, no other blockchain network or other cryptocurrency needs to be started. Novogratz, the confident that Bitcoin will reach $ 20,000 by the end of 2020, It is argued that Telegram should integrate Bitcoin and stablecoins instead of creating TON and its native token, the Gram (GRM).
“Telegram must enable the use of stablecoins and BTCs on its platform. We don’t need another blockchain. We don’t need another cryptocurrency. They have an impressive community of messaging users. Now make them consumers.”
Novogratz, a large Bitcoin bulish, has inverted in various cryptocurrency projects, including Cosmos (ATOM). However, the cryptocurrency enthusiast reportedly lost the sale of telegram tokens and did not go into subsequent rounds of funding.
Often referred to as one of the most popular messengers in the community, Telegram could obviously pose a massive risk to Bitcoin and other cryptocurrencies. On April 24, the encrypted messaging application reached 400 million monthly users. This is a significant increase in the 300 million monthly users of the application in 2019. According to the company, at least 1.5 million new users register for telegrams every day.
Telegram has been developing its crypto project since 2017
However, instead of introducing popular cryptocurrencies like Bitcoin, Telegram worked on working on their own cryptocurrency and blockchain.. Telegram’s TON network and Gram token have been under development since 2017. The Telegram initiative brought in two private coin deals worth nearly $ 1.7 billion in 2018.
Telegramm had originally planned to start the TON network in October 2019. However, the initiative has yet to be started. Telegram was in litigation with the United States Securities Commission (SEC) since the completion of your coin offering. According to the SEC, Telegram violated securities laws by making its $ 1.7 billion token sale in 2018.
Since their litigation is still unsolved, the founder and CEO of Telegram, Pavel Durov reportedly offered investors an immediate 72% or 110% refund in 12 months.
As reported by Cointelegraph, TON validators are still able to start the network independently of the telegram, regardless of regulatory problems.
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