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Telegram’s 2023 financial statement confirms $400 million in crypto assets, solidifying its position as a key player in the digital finance sector amid CEO Pavel Durov’s ongoing legal battles.
Telegram Holds $400 Million in Crypto
The popular messaging app Telegram allegedly had $400 million in digital assets at the end of last year, according to the company's financial statement from 2023. This information comes after the arrest of CEO Pavel Durov on August 24.
The app's premium user base has increased from four million at the end of 2023 to more over five million now.
Digital Asset Revenue Accounts for 40%
For the fiscal year ending December 31, 2023, Telegram made $342.5 million in sales but lost $108 million running the business. Approximately 40% of Telegram's revenue was generated by digital asset-related operations, specifically "integrated wallet" and "sale of collectibles," as reported by the Financial Times.
Statista reports that in the first half of 2024, Telegram earned $11.66 million via in-app purchases, bringing in more than $4 billion since the app's start.
This "integrated wallet is a software program that allows users to store, send, receive and trade crypto assets," according to the FT story, which cites Telegram's 2023 financial statements.
Per Cointelegraph, among the "sale of collectibles" that Telegram offers to its customers are virtual phone numbers and usernames, according to the company's financial statement. Additionally, the business makes money by facilitating user-to-user transactions including the selling of these artifacts.
India Tops Telegram User Statistics
Statista reports that in 2023, 83.85 million people in India were the top users of Telegram, with 29.92 million users in the US ranking third.
Upon touchdown at Le Bourget airport, just outside of Paris, on August 24, Durov was apprehended. Along with other accusations, he is supposedly facing charges of terrorism, trafficking, fraud, conspiracy, and money laundering. On August 28, he was removed from custody and brought before the court.
With Durov's arrest, there was a sudden influx of future traders trying to hedge their bets on the price of Toncoin (TON), the native coin of The Open Network that was originally established by the Telegram messaging app.
Toncoin Suffers 21% Drop Following CEO Arrest
According to CoinMarketCap, TON's price dropped about 21% in the last seven days, from around $6.70 to $5.30 as of writing. Meanwhile, its market cap has dropped to $13.42 billion, a decline of about 2%.
A number of market and technical indicators suggest that TON might be ready for a recovery, notwithstanding the price drop and shift in mood.
The market's perception of the arrest as a singular event that does not significantly impact the Toncoin ecosystem could lead traders to view the decline as a chance to purchase amidst the panic.
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