Telegram, a messaging app, has experienced a substantial rise in its earnings from Bitcoin, namely due to its incorporation with the TON blockchain.
In 2023, Telegram earned a total of $148 million from its involvement in cryptocurrencies, with $130 million coming just from its integrated wallet services. In September 2023, the company introduced a self-custodial wallet that enables users to directly manage, trade, and store their crypto within the app.
In addition, Telegram generated $17.8 million in revenue from selling digital collectibles through the use of Toncoin, the crypto native to the TON blockchain.
The company’s financial strategy has seen a considerable change towards cryptocurrency, with a current holding of $399.2 million in crypto assets, representing a big increase from $106.35 million in 2022.
Telegram’s financial reserves for 2023 amounted to $170.85 million, whereas its real estate and equipment assets were valued at $372.94 million. Toncoin is widely regarded as having a pivotal function because of its extensive integration with the platform.
Telegram, despite its robust cryptocurrency earnings, is facing financial difficulties, with a reported loss of $108 million in 2023. This loss exceeds its revenues and has resulted in serious financial setbacks.
Pavel Durov, the founder and CEO of the company, is currently dealing with legal issues, such as being charged by a French court for enabling unlawful actions using the application.
Telegram’s growing dependence on cryptocurrencies has failed to fully compensate for its escalating expenses, which have been further exacerbated by legal complications related to its activities. The company’s financial stability is tenuous since it continues to experience losses and faces substantial obstacles in the form of continuous legal disputes.
