Novogratz on how he missed out on Telegram's TON sale, and why new protocols don't last


On this week's episode of The Scoop, Galaxy Digital founder and CEO Mike Novogratz tells The Block the story of how he missed out on Telegram's TON token sale and why newly-launched protocols don't stand the test of time.

Novogratz was one of the first investors in the Cosmos protocol, but he made his team sell their entire investment in the protocol after the price of their holdings spiked 50x. Novogratz explained that the reason he made this call is because new protocol launches "have a really hard time lasting because they don’t have that same 20 cheerleaders that bitcoin does," adding that he is skeptical about these protocols because they don't have users or developers in a "box," yet alluding to the ecosystems that protocols must develop to be robust.

"You’ve got to get developers in the box," Novogratz states. "Putting people in the box is hard."

While Novogratz says he's skeptical about newly launched protocols, he does note his excitement about Telegram and its TON network. "I’m really fascinated to watch Telegram because [of ] Telegram’s 280 million customers," he tells The Block.

When asked whether he got in on Telegram's initial token sale, Novogratz said that he tried to get into the later rounds, but failed.

"Well...they had called 15-20 times to try to get me. And I said no no, my guys hate it, and then I changed my mind. But I changed my mind about three weeks too late and he’s [Telegram's founder] like, dude, I can’t help you," Novogratz recalled.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post