OpenNode Denies Roger Ver’s $1.25 Million Investment Offer

A famous proponent of Bitcoin Cash [BCH] and the Chief Executive Officer [CEO] of Roger Ver had offered $1.25 million to OpenNode in terms of investment. OpenNode, a Bitcoin payment processing startup, has refused the million dollar offer of Roger Ver.

OpenNode functions a Bitcoin-only payment processing system, which is built on the Lightning Network protocol. Responding to Ver’s offer, OpenNode said, “open financial system is only possible with Bitcoin.” It added, “Our vision of a better, more open financial system is only possible with Bitcoin,” and that it would spend 100% of its resources on Bitcoin and its second-layer payment solutions.

OpenNode is working on bitcoin transactions in real-time to increase the digital currency’s adoption in enterprises and businesses. Moreover, OpenNode raised $1.5 million in seed funding from investor Tim Draper.

Pointing out to the scaling issues of the Lightning Network, Ver affirmed that he would invest $1.5 million into the OpenNode if they accept Bitcoin Cash instead of Bitcoin as their only payment processing protocol. He stated, “I don’t need one share whatsoever [for my investment]. All I require is [OpenNode] to work on payment processing of Bitcoin Cash, the version of Bitcoin that can actually scale to become the money for the world.”

Analyzing the lightning Network using a formula of Moore’s Law, Ver estimated that it would take two centuries to adopt the Lightning Network while Bitcoin Cash can attain the same in merely 50 years. He claimed, “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 crypto community quickly started to reply sharply to Ver’s statement. Some of them indicated that Ver is twisting mathematics to suit his agenda. While Ver responded to OpenNode’s rejection calling it ‘tribalism.’ Notably, Roger Ver was among the initial developers of Bitcoin.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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