Telegram exposure in crypto market worth $400 million
The company's cryptocurrency holdings have increased significantly from $106.35 million in 2022 to about $400 million
Telegram, a well-known social messaging program is becoming more and more reliant on cryptocurrencies, especially because of its connection with the TON blockchain. The platform currently generates a large amount of its revenue from these cryptocurrency activities.
According to Telegram’s financial filings, the company’s cryptocurrency holdings have increased significantly from $106.35 million in 2022 to about $400 million. In comparison, its real estate and equipment assets were valued at $372.94 million in 2023, while its cash and cash equivalents were only $170.85 million. According to this data, Telegram’s most valuable item right now is cryptocurrency.
This disclosure coincides with the legal scrutiny that its CEO and founder, Pavel Durov, is currently facing in France. He was prosecuted by a French court last week on charges that the program was used to support illegal activity.
Telegram’s integrated wallet services brought in $130 million, according to a recent Financial Times story. This sum exceeds its revenue from premium memberships and advertising.
Telegram unveiled a self-custodial wallet aimed at cryptocurrency enthusiasts in September 2023. With this functionality, users may trade, transmit, receive, and store cryptocurrency assets all within the app—avoidance of other well-known wallet providers such as MetaMask.
Furthermore, the business made $17.8 million by charging Toncoin, the native token of the TON blockchain, for the sale of digital assets like usernames and virtual phone numbers.
When combined, these cryptocurrency-related endeavors generated close to $148 million, or almost 40% of Telegram’s yearly income.
The article also stated that Durov paid the company in Toncoin for $300,000 worth of Telegram Premium memberships, in addition to buying $64 million of the company’s convertible bonds the previous year.
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