Originally published on: November 26, 2024
In a groundbreaking move, Telegram’s cryptocurrency holdings have skyrocketed to $1.3 billion in the first six months of 2024, marking a significant increase from $400 million at the end of 2023. This revelation comes from a recent report by the Financial Times, showcasing the messaging platform’s strong foothold in the digital asset realm.
Previously disclosing holdings of around $400 million, Telegram’s bolstered crypto portfolio now boasts over a billion dollars, according to the FT report. The company’s financial statements indicate a remarkable threefold increase in the value of its crypto assets.
Reports also suggest that profits from Toncoin (TON) sales and developments related to The Open Network (TON) have fueled this surge, providing a safety net as the company’s founder navigates legal hurdles.
Despite reaching out to Telegram for comments, Cointelegraph did not receive an immediate response, leaving room for speculation and curiosity surrounding the platform’s financial prowess.
The report further delves into Telegram’s impressive revenue generation, with an astounding $525 million generated from January to June, signifying a remarkable 190% growth compared to the first half of 2023. Notably, the company raked in $353 million from crypto sales alone in the same period.
Adding to its financial successes, Telegram reaped $225 million from an exclusive deal featuring TON tokens for ad purchases on the platform, boosting its revenues even further. Although this agreement has now concluded, the financial gains have undeniably supported the company’s impressive income in the initial six months of the year.
Despite challenges like founder Pavel Durov’s arrest, Telegram remains a significant player in the crypto and messaging industry. Durov’s arrest in France in August only briefly impacted TON’s price, which later recovered to reach new heights amidst a crypto market rally.
While legal woes surround Durov’s situation, his strong stance on principles and commitment to market compatibility underscore Telegram’s resilient position in the digital landscape. With over 950 million monthly active users and a strong presence in the market, Telegram continues to reign supreme as one of the most downloaded applications globally.
For more insights into Telegram’s journey, including legal implications and crypto ventures, stay tuned for our in-depth analysis in future editions.
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