- Telegram to Postpone TON Blockchain Launch For the Second Time
- The Network Pushes the Launch Date To April 2021
- Investors Have an Option of Pulling Their Funds or Waiting For a Year
Cryptocurrency News Today – Telegram has announced the postponement of its TON blockchain until April 2021. The messaging platform has shifted the launch date for the blockchain for the second time in a row. The company has also offered 72% of individual investor’s stake or an option of 110% of the investment by April 2021.
Telegram Gave into Pressure from SEC
The messaging network has battled with the U.S Securities and Exchange Commission for a while now before bowing to pressure. TON investors received a letter that explained the terms of the company.
It means that Telegram is offering to give back 72% of each stake if the investor chooses to terminate the original deal. Investors can also opt to wait for one year and receive 110% of their first investment.
The letter stated,
“As a token of gratitude for your trust in TON, we are also offering you an alternative option to receive 110% by April 30, 2021, which is 53% higher than the termination amount,”
Also, Telegram is still in talks with relevant authorities, the letter clarified. This means that if the negotiations go well, investors could get Grams or any cryptocurrency.
This news came as a relief to TON investors and many of them are likely to take the option of waiting. Sergey Solonin, founder of QIWI spoke on the matter saying the terms were good and hinted that many investors will opt to keep their funds in TON.
Telegram has been Silent since March 24 Ruling
The last court ruling on the matter was held on March 24 and Telegram remained silent since then. This was troubling for investors. Solonin said the move by the company is a good one for investors even if Grams cannot be issued to them.
Previously, there were reports that the company planned to go ahead with the project before they decided to postpone it. the plan was to launch its blockchain with fresh commits to be added to the repository on GitHub.
Telegram has tested several TON related projects before it was halted by the court and the project website went online at the same time with GitHub adding TON. The source code of the TON blockchain was also found on the website.
The messaging company has gotten lots of support from different firms around the world that hope to invest despite the legal battles.