Telegram Held $400M in Digital Assets, Generated Major Crypto Revenue in 2023
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- Telegram generated $342.5 million in 2023, with over 40% coming from cryptocurrency transactions, including its integrated wallet and the sale of collectibles.
- Telegram sold $243.5 million worth of Toncoins before a price drop, demonstrating active management of its digital assets to maintain financial stability.
- Founder Pavel Durov faces legal scrutiny in France for allegedly facilitating illegal activities through Telegram.
According to a recent report by the Financial Times, Telegram, the company co-founded by Russian-born billionaire Pavel Durov, generates a significant portion of its income from cryptocurrency-related activities.
The company’s 2023 financial report reveals that $342.5 million of its revenue comes from cryptocurrency transactions. Despite this, Telegram, based in the British Virgin Islands, reported an operating loss of $108 million.
A substantial 40% of the company’s revenue is linked to its “integrated wallet” and the “sale of collectibles,” both tied to cryptocurrency. The integrated wallet allows users to store, send, receive, and trade crypto assets, while Telegram also offers collectibles for sale in exchange for Toncoins, a type of digital currency.
Toncoins are powered by the TON blockchain, which was originally created by Telegram. These digital assets make up a significant part of the company’s nearly $400 million in assets. Telegram recently demonstrated its strategic management of these holdings by selling approximately $243.5 million worth of Toncoins before a recent price drop, potentially mitigating losses and showcasing the company’s active approach to financial stability.
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In addition to its financial activities, Telegram faces legal scrutiny. Pavel Durov, the company’s founder and CEO, was recently indicted by a French court for allegedly allowing Telegram’s tools and services to facilitate illegal activities.
The Financial Times also questioned Durov’s leadership, noting that Telegram is valued at over $30 billion. Durov, who fully owns the company, has secured $2.3 billion in external funding through convertible bonds from sovereign wealth funds, hedge funds, and tech investors.
Telegram, which recently reported close to 1 billion users, has seen growing popularity for crypto games like Notcoin and Hamster Kombat, both of which utilize the TON blockchain. However, the actual number of active users versus bots on the platform remains unclear.
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