Telegram Postpones TON Launching
Developing their own blockchain technology and applying patents for it, are common for companies. Most companies are now into using and developing blockchain for this new technology is very efficient.
Mainly it is used in cryptocurrency trade systems.
Blockchain technology is a booming technology. It is not surprising that even large companies are developing their own version of this. Telegram one of the world’s most utilize messaging app had been developing their own blockchain for years now. Telegram’s blockchain is known to be called as Telegram Open Network (TON).
TON’s launching had been widely anticipated by investors. Telegram’s investors are also seeing this launching as a good business venture for them. Many are expecting for the TON’s launching after Telegrams successful development. Information about this launching is quiet unsteady and caused some legal ruckus.
TON’s launching is delayed for the second time around
Most investors and users anticipated the blockchain developed by Telegram. Originally, the launching is supposed to be last October. Postponement of launching is due to a lawsuit filed against Telegram.
This lawsuit against them is filed by U.S. Securities and Exchange Commission (SEC). It is due for Telegram’s running unregistered securities sale that collected $1.7 billion worth last 2018. In line with the postponement Telegram had released a new launching date which is April 30, 2020.
Investors knowing this news is quiet disappointed against this another postponement on launching. They are also worried for there is no assurance when will be the case be fully resolved. Investors behind TON’s development is now in a not so good position.
Postponement of launching leads to returning $1.2 billion to investors
Continuous postponement of TON’s launching had fuel a lot of arguments from its investors. Investors are now having doubts if when this were be launch. What worry them the most is, if there is really a chance of launching it for the lawsuit trials will take a long time.
Concerns from their investors had reached Telegram. Looking into these concerns Telegram had offered investors who would forego their investment to lend it to them for a year. Another option presented is foe investors to receive 110% of their original investments.
This 110% investment would be claimed by investors on April 30, 2021. This is 53% higher than the presented termination amount for those who will forego their investment.
Telegram also assures their investors that if the launching would be continuously postponed. There are still ways to repay their debt such as by using equity and such. As to them their equity value will increase exceeding the amount of the potential debt
Negotiations between investors and Telegram are still on going. Both parties are doing all they can to pacify the effects this postponement could bring to them.
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