A recent report from the Financial Times highlights a remarkable boost in Telegram’s cryptocurrency assets, which soared to an impressive $1.3 billion in the first half of 2024.
This figure marks a significant leap from the $400 million recorded at the end of 2023.
The surge is primarily attributed to the revenue generated from Toncoin transactions and various strategic partnerships, effectively tripling the company’s previous crypto holdings.
This expansion provides a crucial financial buffer for Telegram’s founder, Pavel Durov, as he navigates ongoing legal challenges.
Revenue Growth Surge
In terms of revenue growth, Telegram experienced a dramatic rise, reporting earnings of $525 million during the first half of 2024—an astounding 190% increase compared to the same period in 2023.
Of this total, $353 million came from cryptocurrency sales, while the remaining $225 million was linked to a now-terminated exclusivity agreement concerning Toncoin.
Although the price of Toncoin faced a dip following Durov’s arrest by French authorities, it quickly recovered, reflecting a broader upswing in the cryptocurrency market.
Legal Challenges and Market Strategy
Durov has made his surprise known regarding the French authorities’ actions amid allegations of regulatory violations against the platform.
He emphasized Telegram’s intent to withdraw from markets that do not align with its core principles.
As the platform continues to grow, it now boasts nearly 950 million active users in 2024, showcasing its increasing influence in the realm of digital communication.
Source: Cointelegraph.com
