Telegram, the messaging platform known for its encrypted communications, has experienced a dramatic financial transformation in the first half of 2024, with its cryptocurrency holdings skyrocketing from $400 million to $1.3 billion, according to a Financial Times report.
The Dubai-based company generated $525 million in revenue during the first six months of the year—a staggering 190% increase compared to the same period in 2023. A significant portion of this revenue, $353 million, came directly from cryptocurrency transactions, with a landmark $225 million earned from an exclusive deal involving Toncoin, its native cryptocurrency.
The company’s rapid rise in the crypto market, particularly through the sale of popular cryptocurrency – Toncoin – has been pivotal in maintaining its financial strength. However, Telegram continues to face pressure from regulatory bodies in different countries, especially due to accusations involving criminal content on the platform.
Despite founder Pavel Durov’s legal troubles in France, where he was arrested in August on preliminary charges, the company has maintained its financial momentum. Telegram reported a post-tax profit of $335 million, a remarkable turnaround from previous years’ losses.
The company’s crypto strategy extends beyond mere holdings. Telegram’s Mini Apps, particularly crypto games like Hamster Kombat and Notcoin, have become crucial in onboarding new users to cryptocurrency. These blockchain-powered applications have transformed the platform into a significant player in the digital asset ecosystem.
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With nearly 950 million monthly active users and a resilient financial strategy, Telegram continues to demonstrate its ability to navigate complex regulatory landscapes while expanding its cryptocurrency footprint.
