Telegram holds over $400 million in cryptocurrencies

Telegram, one of the most popular messaging apps in the world, especially among cryptocurrency enthusiasts, has accumulated a whopping $400 million in cryptocurrency by the end of 2023.

The information was revealed in a report by the Financial Times, which analyzed the company’s financials for that year. The report reveals that Telegram generated a significant portion of its revenue through cryptocurrency-related activities. In addition, the report highlighted the app’s growing role in the digital ecosystem.

According to the report, approximately 40% of Telegram’s annual revenue in 2023, which corresponds to about $148 million, came from two main sources: the “integrated wallet” and the “sale of collectibles”.

The integrated wallet, according to the document, is a software program that allows Telegram users to store, send, receive and trade crypto assets directly through the app. This functionality has attracted millions of users and thus cements Telegram as a hub for cryptocurrency transactions.

Additionally, the sale of collectibles such as unique usernames and virtual phone numbers also contributed substantially to the platform’s revenue.

“Telegram allows users to buy and sell collectibles, receiving a fee to facilitate these transactions,” the report explains. These items, considered valuable within the digital community, have been one of the factors driving the app’s internal economy.

Telegram Cryptocurrencies

Another point mentioned by the Financial Times was the sale of a large amount of Toncoin (TON) by Telegram before the drop in the price of this cryptocurrency. Toncoins are based on the TON blockchain, a protocol closely associated with Telegram, which has become central to the company’s strategy regarding the cryptocurrency world.

However, Telegram’s explosive growth in the crypto space has also brought legal challenges. Pavel Durov, Telegram’s founder and CEO, has been indicted by a French court on charges that the app’s tools and services facilitated illicit activities. Telegram has yet to comment on the allegations.

The Financial Times report suggests that Telegram, which is valued at at least $30 billion, is becoming increasingly influential in the cryptocurrency space. The platform has attracted both investors and users looking for opportunities in the digital market. With nearly 1 billion registered users, the app continues to expand its functionality and presence in the sector.

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