Every bit Telegram once more delays the launch of its Telegram Open Network (TON) after missing their April 30 deadline, some key players in the crypto industry don't desire Telegram to launch the money at all.

Michael Novogratz, CEO of crypto merchant banking company, Galaxy Digital, and one of the biggest Bitcoin (BTC) bulls, expressed a sceptical stance to Telegram's blockchain and crypto project in an April 30 tweet.

Novogratz wants to plow 400 million Telegram users into Bitcoin consumers

According to Novogratz, there is no need to launch either some other blockchain network or another cryptocurrency. Novogratz, who is confident that Bitcoin will striking $20,000 by the end of 2022, argues that Telegram should integrate Bitcoin and stablecoins instead of creating the TON and its native token, Gram (GRM).

He wrote:

"Telegram should enable btc and stable coins on their platform. We don't demand another blockchain. Nosotros don't need another crypto. They have an awesome customs of messaging users. Turn them into consumers at present."

Novogratz, a major Bitcoin bull, has invested in a number of cryptocurrency projects, including Cosmos (Cantlet). All the same, the crypto enthusiast reportedly missed out on Telegram's token sale, failing to get into subsequently funding rounds.

Often referred to equally 1 of the favorite messengers in the crypto community, Telegram could apparently bring a massive amount of exposure to Bitcoin and other cryptocurrencies. On April 24, the encrypted messaging app hit 400 million monthly users. This is a pregnant surge from the app'due south 300 million monthly users in 2022. Co-ordinate to the business firm, at least 1.five million new users sign up for Telegram per day.

Telegram has been developing its crypto project since 2022

Yet, instead of introducing popular cryptos like Bitcoin, Telegram chose to piece of work on its own cryptocurrency and blockchain. Telegram'due south TON network and Gram token have been in development since 2022. Telegram's crypto initiative afterwards raised about $1.7 billion in 2 private initial money offerings in 2022.

Telegram was originally planning to launch the TON network in October 2022. However, the initiative has notwithstanding not launched. Telegram has been in legal battle with the U.s.' Securities Exchange Commission (SEC) since the determination of their coin offering. According to the SEC, Telegram violated securities laws by conducting its $1.7 billion token sale in 2022.

With their legal disputes still unresolved, Telegram founder and CEO, Pavel Durov, reportedly offered investors an immediate 72% refund, or 110% in 12 months.

Every bit reported by Cointelegraph, TON's validators are still able to launch the network independently from Telegram, regardless of the regulatory issues.