Telegram, the popular messaging app led by CEO Pavel Durov, reportedly held $400 million in digital assets by the end of 2023, according to the company’s financial statement. At that time, Telegram had around four million premium users, a number that has since grown to over five million.
Despite this user growth, Telegram reported an operating loss of $108 million for the year, while generating $342.5 million in revenue.
A report from the Financial Times revealed that about 40% of Telegram’s revenue came from digital asset-related activities, specifically its “integrated wallet” and “sale of collectibles.” The integrated wallet allows users to manage their crypto assets, including storing, sending, receiving, and trading them.
The sale of collectibles involves selling items like usernames and virtual phone numbers, with Telegram earning a fee from these transactions.
Statista highlighted that Telegram earned $11.66 million in in-app revenue during the first two months of 2024 alone, contributing to over $4 billion in total revenue since the app’s launch. In 2023, India led in Telegram downloads with 83.85 million users, followed by the United States with 29.92 million downloads.
After Durov’s arrest at Le Bourget airport in Paris on August 24, trading activity for Telegram’s associated cryptocurrency, Toncoin (TON), surged. Despite the increased trading, TON’s price dropped by over 21% from $6.70 to around $5.30, with its market capitalization also declining nearly 2% to $13.42 billion, according to CoinMarketCap.
However, some market analyses suggest that TON could recover, especially if traders view Durov’s arrest as an isolated incident that doesn’t fundamentally impact the Toncoin ecosystem. In this scenario, the current price dip might present a buying opportunity amidst the ongoing uncertainty.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
