The year 2024 marks a major turning point for #Telegram , the encrypted messaging app beloved by the cryptocurrency community, as it achieved profitability for the first time since its launch in 2013. #PavelDurov , the founder and CEO of Telegram, announced that the company's revenue surpassed 1 billion USD, a surge from nearly 350 million USD in 2023. This success comes from a threefold increase in the number of paid accounts, reaching 12 million users, along with an effective cryptocurrency market exploitation strategy.
The strength from cryptocurrency
Cryptocurrency assets play a crucial role in Telegram's growth. With the Toncoin token closely linked to the app, Telegram has sold hundreds of millions of USD in cryptocurrency, strengthening its finances. Reports indicate that in the first half of 2024, the value of digital assets owned by Telegram has risen to 1.3 billion USD. By the end of the year, the company is holding 500 million USD in cash, excluding cryptocurrency, demonstrating the improving financial stability.
The biggest legal challenge
Despite achieving financial milestones, 2024 was not easy for Telegram and Pavel Durov. In August, French authorities arrested Durov on charges related to Telegram's ineffective control of illegal content such as drug trafficking and the distribution of child abuse materials. Durov was detained at Le Bourget airport near Paris but was later released on bail of 5 million EUR with conditions for regular check-ins and not leaving France.
Durov strongly opposed these accusations, calling it a 'misguided approach' to blame a CEO for the actions of third parties on the platform they manage. In response, Telegram intensified content moderation, revised its terms of service, and expanded its moderation team to over 750 contract staff.
Conclusion
The year 2024 closes with a financially strong Telegram but facing significant legal challenges. The ability to navigate these difficulties will determine the company's growth path in the future. However, with record profits and a substantial influence in the cryptocurrency world, Telegram remains a force not to be underestimated in the tech industry.
