- Telegram holds $400M in crypto, contributing 40% of its 2023 revenue from digital assets.
- Legal troubles mount for CEO Pavel Durov amid allegations of facilitating illicit activities.
- Telegram’s growing user base and Toncoin involvement intensify scrutiny on its financial practices.
Telegram, a widely used messaging platform known for its popularity among cryptocurrency users, has become intensely scrutinized due to its substantial digital asset holdings.
Telegram’s financial statement as of December 2023 indicated that the company had crypto assets worth $400 million. This large figure brings into question the company’s role in the cryptocurrencies market as more of its operations incorporate $TELEGRAM tokens into its businesses.
Telegram’s involvement with digital assets is not just limited to holding cryptocurrencies. The platform’s financial records show that nearly 40% of its annual revenue in 2023 stemmed from digital asset-related activities.
Specifically, these activities were categorized under “integrated wallet” and “sale of collectibles.” The integrated wallet feature, which allows Telegram users to store, send, receive, and trade various cryptocurrencies, was a major revenue generator, bringing in approximately $148 million.
The sale of digital collectibles, including usernames and virtual phone numbers, also contributed significantly to this revenue stream. Telegram earns additional fees by facilitating the resale of these collectibles between users, further diversifying its income sources.
Compounding the problem with Telegram there are legal issues surrounding its founder and CEO, Pavel Durov. A French court has recently accused Durov with the claim that use of Telegram has been involved in various illicit activities.
Nevertheless, all these charges have not affected the ownership of Telegram remained in Durov’s hand with over $30 billion worth. The company has also managed to lure $2.3 billion dollars from external investors such as sovereign wealth funds and hedge funds.
Telegram has 380 million users and is still growing due to the growing interest in such games as Hamster Kombat, which Unmosed supports in the TON blockchain.
Despite these charges, Durov maintains full ownership of Telegram, which is valued at over $30 billion. The company has also attracted $2.3 billion in external funding from major investors, including sovereign wealth funds and hedge funds.
Telegram’s user base, approaching 1 billion, continues to expand, driven in part by the popularity of crypto-related games like Hamster Kombat, which utilize the TON blockchain.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
