Originally published on: November 26, 2024
According to a recent report by the Financial Times, Telegram’s cryptocurrency holdings have skyrocketed to $1.3 billion in the first half of 2024, from $400 million at the end of 2023. This significant increase has put the company on the map as a major player in the crypto market.
The report reveals that Telegram’s crypto holdings have tripled in value, thanks to profits from selling Toncoin (TON) at $6.96 and a lucrative deal related to The Open Network (TON). These financial gains have provided a much-needed buffer for the company amidst legal challenges faced by its founder.
With a revenue of $525 million generated in the first half of the year, representing a 190% increase from the previous year, Telegram seems to be on an upward trajectory. The company made $353 million from selling crypto during this period and received an additional $225 million from an exclusivity deal involving TON tokens, which boosted its income.
Despite facing setbacks like founder Pavel Durov’s arrest, Telegram has shown resilience in the volatile crypto market. Durov’s arrest led to a 25% drop in TON’s price, but the asset quickly recovered, reaching a high of $6.32 on Nov. 24.
Durov’s legal troubles began when he was detained by French police on Aug. 24 for alleged violations related to the encrypted messaging platform. This led to criminal charges, a bail requirement of $5.5 million, and restrictions on leaving France. However, Durov remains confident that Telegram will overcome these challenges and stay true to its principles.
As one of the top five most downloaded applications globally, Telegram boasts over 950 million monthly active users. Its impressive growth in cryptocurrency holdings and revenue signals a promising future for the company in the ever-evolving crypto landscape.
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