Written by Sebastian Muvdi 3 hours ago
IMPORTANT POINTS:
Telegram revenue: The app generated about 40% of its 2023 annual revenue through digital asset-related activities such as integrated wallets and the sale of collectibles.
Legal accusations and Toncoin: Pavel Durov is facing legal accusations in France, and Telegram sold a large amount of Toncoin before the price of this cryptocurrency fell.
Valuation and expansion: Telegram, valued at at least $30 billion, continues to expand its influence in the crypto sector through gaming and new blockchain features.
Telegram, the popular messaging app known for its affinity with the crypto community, held digital assets worth $400 million by the end of 2023, according to a report by the Financial Times. This report reveals that a large part of Telegram’s revenue came from digital asset-related activities, specifically through “integrated wallets” and the “sale of collectibles,” amounting to about $148 million, which represents approximately 40% of its annual revenue.
Integrated Portfolios and Collectibles Sales
The “integrated wallet” is a software program that allows users to store, send, receive, and exchange crypto assets. On the other hand, the sale of collectibles includes virtual usernames and phone numbers, the revenue from which is recognized at the time the collectible is assigned to the user. In addition, Telegram facilitates the sale of collectibles between users and charges a commission for this service.
Legal Issues and Toncoin
The report also mentions the sale of a large amount of Toncoin tokens, based on the TON blockchain associated with Telegram, just before the cryptocurrency's price crashed. Pavel Durov, founder and CEO of Telegram, was recently indicted by a French court on suspicion that Telegram's tools and services have facilitated illicit activities, although Telegram has not yet responded to these allegations.
Telegram Rating and Outlook
According to the Financial Times article, the messaging app is worth an estimated $30 billion at the very least. Durov owns 100% of Telegram, with $2.3 billion in external funding raised through convertible bonds from sovereign wealth funds, hedge funds and tech-focused investors.
Telegram has reportedly had nearly 1 billion users, though it is unclear how many bots are active on the platform. The app has become increasingly popular as a platform for crypto games like Notcoin and Hamster Kombat in recent months, leveraging the TON blockchain, which strengthens its position in the crypto space.
