Telegram is pulling the plug on its Telegram Open Network (TON) blockchain platform and the Grams token, after years battling the U.S. Securities and Exchange Commission. Telegram’s CEO Pavel Durov argued the fight for decentralization is the “most important in our generation.”

The total supply of stablecoins in the cryptocurrency space is now above the $10 billion mark, as demand for these has been rapidly growing. Tether’s USDt is still dominating the sector, with a market share of 85%.

A new Chinese mining operation, Lubian, has quickly grown to become Bitcoin’s sixth-largest mining pool, with a hashrate of over 6.3 EH/s.

Top stories in the Crypto Roundup today:

• Telegram Pulls Plug on Its TON Blockchain Platform and Gram Tokens
• Total Stablecoin Supply Tops $10 Billion After Growing Over 70% since February
• New Chinese Operation Instantly Becomes Bitcoin’s Sixth-Largest Mining Pool

At the time of writing, bitcoin (BTC) is trading at $8,864.97 (1.30%) with a daily Top Tier volume of $3.57 bn. As for ether (ETH), it is trading at $189.08 (-0.35%) with a daily Top Tier volume of $647.13 million. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 2,855.71 (-0.99%).

Telegram Pulls Plug on Its TON Blockchain Platform and Gram Tokens

Telegram is pulling the plug on its cryptocurrency venture, the Telegram Open Network (TON) and its cryptocurrency, the Gram token. The move comes after years battling the Securities and Exchange Commission.

In an announcement on his channelv, Telegram founder and CEO Pavel Durov said:

"Telegram’s active involvement with TON is over. You may see – or may have already seen – sites using my name or the Telegram brand or the ‘TON’ abbreviation to promote their projects. Don’t trust them with your money or data."

The Telegram Open Network was a blockchain platform that was set to offer a decentralized cryptocurrency to anyone with a smartphone, but last October the SEC ordered Telegram to halt its token sale as the firm reportedly failed to register an early sale of $1.7 billion worth of Gram tokens.

The funds were raised in pre-initial coin offerings (ICOs) that Telegram conducted back in 2018. In his announcement, Durov argued American courts shouldn’t have the power to stop the sale of cryptocurrency outside of the U.S., and urged others to take up the fight for decentralization, saying it may “well be the most important battle of our generation.”

Total Stablecoin Supply Tops $10 Billion After Growing Over 70% since February

The total supply of stablecoins in the cryptocurrency space is now above the $10 billion mark, as demand for these cryptos has been growing over the last few months. Tether’s USDt stablecoin is still dominating the sector, with a market share of 85.1% and a market cap of over $8.8 billion.

The USDC stablecoin comes in second place, with a market share of 7.2%. The stablecoin is supported by Circle and Coinbase and is widely accepted in the cryptocurrency space, along with  Tether’s USDt. It’s worth noting Tether has stablecoins pegged to the value of various other fiat currencies, and one pegged to the value of gold – XAUt.

The total supply of stablecoins has been rapidly growing so far this year, surging 79% since February. While the market as a whole has been growing, Tether’s dominance moved up from 82% to 85%.

New Chinese Operation Instantly Becomes Bitcoin’s Sixth-Largest Mining Pool

A new China-based cryptocurrency mining pool, Lubian, has become the sixth-largest mining pool on the Bitcoin network merely weeks after mining its first block. The pool was spotted by Chinese news outlet BlockBeats, and appears to have mined its first block on April 24.

Since then, it has grown to have a hashrate of 6.3 EH/s, leading industry commentators to speculate it was a previously private mining pool that decided to reveal itself to the public. According to Dovey Wan, a founding partner of Primitive Ventures, it’s revealing itself at an interesting time, as Bitcoin’s third-ever halving occurred this week.

The halving could mean the mining sector is about to undergo major changes, as it saw block rewards on the Bitcoin blockchain drop from 12.5 BTC to 6.25 BTC per block. As most miners are believed to be operating older equipment, the network’s hashrate may soon drop as it becomes unprofitable.

Last month Valarhash, a Chinese mining firm that runs the Bytepool and 1THash mining pools, stopped mining on the Bitcoin network to move its hashrate to altcoins, as the growing difficulty made its operation less profitable.

GoldFinX is Now Publicly Listed and Announces Free Coin Campaign

As of May 7, 2020, GoldFinX and its native coin, GiX, is publicly listed on Coinsbit (https://coinsbit.io/trade/GIX_EUR). This event was preceded by several years of persistent effort to develop the unique business model that is at the heart of this project. The innovative next-generation fintech provides financing to Artisanal Small Gold Mines (ASGM) worldwide and gets in exchange a share of their production. Thousands of tonnes of Gold that exist around the world are ready to be mined, provided they have the capital and the right technology.

GoldFinX was founded in 2017 and is already operating in the Ivory Coast with several gold mines. The worldwide pandemic has demonstrated how robust the business model is by being wholly adaptable to almost any given situation. We have decided to grow within the Ivory Coast as travel restrictions have temporarily postponed projects in Canada, Bolivia, and Tanzania. Still, these countries will receive their state-of-the-art equipment in the fall of 2020, with production expected in late 2020.

GoldFinX is the easiest way for anyone to invest in goldmines without the risks associated with investing in any one gold mine. The accumulated will be stored indefinitely in the vaults of international financial institutions, in turn protecting the value of the cryptocurrency that enabled its extraction.

And the easiest way to keep up to date with this project is to sign up below. We will give you a free GiX coin for your efforts!

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