Telegram, the popular messaging platform, held $400 million in digital assets by the end of 2023, according to the company’s latest financial statement. The report also highlights that the app had approximately four million premium users at the close of last year, a figure that has since grown to over five million.
Financial Performance and Crypto Integration
Telegram reported an operating loss of $108 million for the year ending December 31, 2023, despite generating $342.5 million in revenue. Notably, around 40% of this revenue came from digital asset-related activities, categorized under “integrated wallet” and “sale of collectibles.”
The “integrated wallet” feature, as described in the financial statement, is a software tool that enables users to store, send, receive, and trade various cryptocurrencies. Additionally, the “sale of collectibles” refers to Telegram’s offering of digital items such as usernames and virtual phone numbers, which users can buy, sell, and trade. Telegram earns a fee by facilitating these transactions.
As of early 2024, Telegram has recorded $11.66 million in in-app revenue, contributing to the over $4 billion raised since the app’s launch. In 2023, India led global downloads of the Telegram app, with 83.85 million users, followed by the United States with 29.92 million.
Legal Troubles for Telegram’s CEO
On August 24, Telegram’s CEO Pavel Durov was arrested at Le Bourget airport near Paris on charges including terrorism, trafficking, conspiracy, fraud, and money laundering. Durov was taken into custody and brought to court on August 28.
The arrest has had a noticeable impact on Toncoin (TON), the native cryptocurrency of The Open Network, which was initially developed by Telegram. Following Durov’s arrest, TON’s price dropped from $6.70 to approximately $5.30, representing a decline of over 21% in just a week. Meanwhile, its market capitalization decreased by nearly 2%, bringing it to $13.42 billion.
Despite the recent downturn, some analysts suggest that TON could rebound if the market views Durov’s arrest as an isolated incident that doesn’t fundamentally undermine the Toncoin ecosystem. In such a scenario, the current dip in TON’s value might be seen as a buying opportunity.
