Based on Telegram’s 2023 income, company seems to own very many cryptocurrencies. Popular conversation tool on Telegram emphasizes privacy and encryption firstly. As of December 31, 2023, the company is apparently possessing digital assets of $400 million. This suggests their business plan will increase their importance.
Telegram allegedly had about 4 million paid members at the end of 2023; by 2024, that number had climbed to almost five million. Telegram lost $108 million over the year even as it recruited members; it made $342.5 million.
Of Telegram’s revenue, roughly forty percent comes from linked goods digital assets. Those who use “integrated wallet” can store, send, receive, buy, sell coins. The “sale of collectibles” program features virtual goods including usernames and phone numbers. Telegram members can trade these objects with one another even though they pay to do so.
The messaging app’s financial report highlights changes in its business strategy. Digital assets become rather important in this transformation. According to Statista, in-app purchases on Telegram generated during the first two months come at $11.66 million worth. This is a component of the roughly $4 billion it has attracted since inception.
Telegram’s Financial Exposure Linked To CEO Durov’s Arrest
What Telegram exposed about money aligned with the August 24 arrest of Pavel Durov, the CEO, at the Le Bourget airport outside Paris. Durov is rather well-known in the IT sector. Among the various accusations he is supposedly under are those of terrorism, trafficking, conspiracy, fraud, and fund laundering. Things worsened even more on August 28 after he was called before court.
Especially on Toncoin (TON), the native coin of The Open Network created by Toncoin, the arrest has had a big influence on the bitcoin market. The value of Toncoin dropped dramatically as Durov was put under custody. From $6.70 to roughly $5.30, Drop about 21% states CoinMarketCap. The market value of the coin plummeted by almost 2%, landing at $13.42 billion as well.
Although analysts of the market think Toncoin might be making a comeback, its declining tendency points otherwise. Should consumers believe that Durov’s legal issues are unique occurrence, the present price reduction could present a purchase option. Although the present situation is precarious, several technical indications and market factors could help a likely rebound.
Telegram is rather active generally in the digital domain and cryptocurrencies even while it aims to address certain problems. The manner Durov’s legal problems resolve and how they impact Toncoin and Toncoin going forward would greatly pique many people’s curiosity.
