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Telegram surpasses $1 billion in cryptocurrencies and boosts revenue
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THE Telegram has reached a significant milestone in the cryptocurrency sector, with its portfolio exceeding $1.3 billion in the first half of 2024.
This mark represents a significant increase compared to the US$400 million recorded at the end of 2023, according to data released by the Financial Times. The growth consolidates the platform’s position as a important participant in the crypto market.
The expansion of Telegram’s portfolio is directly linked to Toncoin sales and a strategic agreement involving The Open Network (TON). During the first six months of 2024, the company generated $525 million in revenue. It is a 190% jump compared to the same period in 2023. Of this total, US$353 million came directly from cryptocurrency sales.
Additionally, $225 million of Telegram’s revenue was attributed to a partnership with an undisclosed entity. During this period, TON tokens became the only form of payment for ads on the platform.
Toncoin and Telegram’s resilience
The exclusivity ended on October 1st, but the results reinforce the role of Toncoin as a central pillar of the company’s financial strategy.
Another factor that drives network activity is its integration with Telegramwhich has a base of 900 million users. This synergy has been fundamental for the adoption of cryptocurrency and the increase in its daily transactions, which reached more than 14.4 million in a single day.
Despite significant gains, Telegram faced challenges. According to data from CoinGecko, the price of Toncoin fell 25%, reaching US$5.24, amid legal problems involving Pavel Durov, the company’s founder.
However, the token regained value in the following weeks, driven by a general recovery in the cryptocurrency market. With a billion-dollar portfolio and robust revenue growth, Telegram establishes itself as a strategic player in the cryptocurrency market.
At the time of writing, Toncoin is priced at $5.88 with a daily drop of 3.6%.
Telegram surpasses $1 billion in cryptocurrencies and boosts revenue
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Telegram surpasses $1 billion in cryptocurrencies and boosts revenue
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Telegram surpasses $1 billion in cryptocurrencies and boosts revenue
