The CEO of the crypto merchant bank, Galaxy Digital says that the world does not need another crypto and suggests Telegram convert its 400 million users into BTC consumers, rather than launching its own crypto.
Michael Novogratz, CEO of the crypto merchant bank, Galaxy Digital has recently published a tweet expressing his skepticism about the requirement of Telegram’s much-awaited cryptocurrency project. Michael opined that, instead of coming up with another cryptocurrency and blockchain, Telegram should focus on its already successful messenger. He tweeted, “Telegram should enable $btc and stable coins on their platform. We don’t need another blockchain. We don’t need another crypto. They have an awesome community of messaging users. Turn them into consumers now.”
Telegram’s project has been on hold for quite some time now, and it has now further delayed the launch of its Telegram Open Network (TON). The TON was supposed to be launched on 30th April.
Interestingly, Michael is extremely bullish about crypto, and he even expects BTC to cross the $20K mark by the end of this year. However, he has different opinions on Telegram’s attempt to enter into the blockchain and crypto space. Telegram undoubtedly is one of the most used communication media in crypto and has the potential to give its users a massive exposure to BTC. And Michael wants it to do exactly the same. He suggested that Telegram should focus on converting its 400 million monthly users into Bitcoin consumers.
Novogratz has been an active investor in a number of crypto projects. However, he failed to invest in Telegram’s token, and could not do so in later rounds.
Telegram has been developing its TON network and Gram token since 2017. It also raised a massive $1.7 billion through two ICOs in 2018. Despite continuous attempts to launch the TON, Telegram has had to delay it, especially because of the legal battle that it is fighting with the United States’ Securities Exchange Commission (SEC), after being alleged of violating securities during its 2018 ICO.