Telegram, a social media messaging platform, is looking to buy out the American investors in its blockchain project known as Telegram Open Network or TON. A new letter sent out to the investors reveals that the US investors won’t last on the project for another whole year.
Telegram refund scheme for TON investors
This comes amid the planned Telegram refund after the company recently delayed to launch the TON project the second time, precisely on the 30th of April, 2020. In the course of the failed launch, the company decided to repay its investors.
Initially, the Telegram refund scheme was designed in two different options for all the project investors. The first option is an instant 72 percent refund, while the other option promised 110 percent after 12 months. The 110 percent Telegram refund was more like a loan offer.
Telegram revokes 110 percent refund for American investors
However, Telegram disclosed in the letter that the second refund option has been revoked from including any American investors on its TON project, following the report by RBC, a Russian news outlet. The reason reportedly related to the uncertainty around the company’s native digital currency with the US regulators.
Therefore, the TON United States investors are left with the 72 percent Telegram refund option, rather than the option to gain a 10 percent increase on the actual fund invested in the company’s blockchain project.
Refund won’t be in Gram or cryptocurrency
In addition to the repayment plan, Telegram had said it would repay the investors either through its native cryptocurrency or any other digital currency. However, the company also revealed in the latest note to investors that it will no longer continue in that approach. The letter reads:
Unfortunately, based on more recent discussions with relevant authorities and our counsel, we have made the difficult decision not to pursue an option involving grams or another cryptocurrency due to its uncertain reception from the relevant regulators,