Bitcoin cash news

OpenNode Says No to Ver’s USD 1.5 Million Investment Offer

OpenNode, the Estonia-based Bitcoin payment processing firm has reportedly turned down Roger Ver’s investment offer of USD 1.5 million.

In a tweet from the company’s official Twitter handle, OpenNode confirmed that it had graciously rejected Ver’s offer of USD 1.5 million investment as the funding didn’t fit in with the company’s vision.

OpenNode, which exclusively supports the Bitcoin payment protocol, elaborated that it does not consider Bitcoin Cash to be parallel with their vision of an open financial system.

Hence, the company will be spending all of its resources on the world’s largest cryptocurrency by market cap, Bitcoin, as well as on its second layer payment solutions.

OpenNode raised USD 1.5 million from early-stage Bitcoin investor and evangelist, Tim Draper. The company aims to foster the adoption of Bitcoin among businesses by facilitating the processing of Bitcoin transactions in real time.

OpenNode supports the Lightning Network, which is a payment protocol that allows for the confirmation of transactions away from Bitcoin’s main chain.

Interestingly, Ver wanted to match Draper’s bid as he is of the view that the Lightning Network is not the right solution for the scalability issued associated with Bitcoin.

Ver confirmed that he was willing to invest the amount equalling the funding by Draper if OpenNode accepted Bitcoin Cash as their exclusive payment processing protocol.

With a Moore Law enabled algorithm, Ver said he had predicted that the world would take as much as 200 years to onboard the Lightning Network. On the other hand, Bitcoin Cash, as Ver says, would reduce this time to just 5 decades. He elaborated on why he thinks that Bitcoin cannot become the global reserve currency within a reasonable time period:

“Bitcoin cannot become the money for the world in a reasonable amount of time with its block size limited to 1 megabyte to 4 megabytes. Even with Schnorr’s signature, you are still looking at far more time for BTC to be ready for the world than you are with Bitcoin Cash thanks to Moore’s Laws.”

 

The Twitter community has slammed Ver for maneuvring maths to be in line with this agenda.