Coinspeaker Telegram’s Crypto Holdings Skyrocket to $1.3B amid Regulatory Pressure
Telegram has seen its cryptocurrency reserves soar to $1.3 billion in the first half of 2024, a dramatic rise from $400 million at the end of 2023, according to the Financial Times on November 26.
In the first six months of 2024, Telegram recorded $525 million in revenue, showing a 190% year-on-year increase. A significant portion of the funds at $353 million came from the sale of digital assets, demonstrating the company’s increasing reliance on cryptocurrencies as a revenue stream.
Toncoin’s Market Fluctuations
Additionally, Telegram earned $225 million from a now-terminated exclusivity agreement involving Toncoin TON $5.94 24h volatility: 2.3% Market cap: $15.12 B Vol. 24h: $867.70 M , which had been the sole currency for purchasing advertisements on the platform. While the arrangement ended on October 1, its financial contribution strengthened the company’s performance earlier in the year.
Telegram continues to hold a substantial amount of Toncoin, making it vulnerable to market volatility. During CEO Pavel Durov’s detention in August, the token’s price dropped 25%, falling to $5.24. However, TON rebounded in November, hitting $6.32 amid a broader market recovery.
The company’s exposure to TON has positioned it as both an asset and a potential risk, reflecting the growing influence of blockchain technology in Telegram’s business strategy.
Legal Challenges Intensify
Telegram’s financial growth comes against the backdrop of mounting legal troubles. In August, French authorities detained Pavel Durov at Le Bourget airport, citing alleged violations linked to the messaging platform. He was later charged and prohibited from leaving France, with bail set at $5.5 million.
Durov expressed surprise at the arrest, emphasizing that Telegram complies with EU regulatory requirements through a designated representative. He further hinted at the possibility of exiting markets where the company’s values conflict with local laws.
Despite these challenges, Telegram’s global appeal remains robust. By 2024, the platform ranked among the top five most downloaded apps worldwide, amassing over 950 million monthly active users.
Additionally, Telegram has played a pivotal role in accelerating cryptocurrency adoption by integrating blockchain-based features and fostering the growth of Web3 gaming. Through initiatives such as Telegram mini-games, the platform has bridged the gap between traditional gamers and blockchain enthusiasts.
Notable titles like Hamster Kombat, Notcoin, and Catizen have garnered immense popularity, drawing millions into the crypto ecosystem. At its peak, Hamster Kombat alone attracted 200 million users, solidifying Telegram’s influence in the gaming and blockchain space.
next
Telegram’s Crypto Holdings Skyrocket to $1.3B amid Regulatory Pressure
