Telegram’s total crypto assets reached 1.3 billion dollars in the first half of 2024, up from 400 million dollars at the end of 2023. This impressive growth was driven by Toncoin sales and other financial activities.
Threefold Increase in Crypto Assets
According to the latest report, Telegram tripled its crypto portfolio in the first half of 2024. The company’s assets rose from 400 million dollars at the end of the 2023 fiscal year to 1.3 billion dollars in the middle of the 2024 fiscal year. The primary reason for this increase was the 353 million dollar sale of Toncoin associated with The Open Network (TON).
In the first half of 2024, Telegram recorded a revenue of 525 million dollars, representing a 190% year-on-year increase. The largest share of this revenue growth came from cryptocurrency transactions, advertising, and premium subscription services. Advertising revenue nearly doubled to 120 million dollars, while premium subscription services reached 119 million dollars.
CEO’s Legal Situation
Telegram’s CEO Pavel Durov faced legal issues in France in August 2024. Durov was arrested for failing to address illegal activities on the Telegram platform, raising concerns about child exploitation and terrorist content. After his arrest, he was released on bail but was reportedly banned from leaving France.
Telegram officials stated that their operations were unaffected, having expanded content moderation teams to align policies with international standards.
Despite legal challenges, Telegram assured stakeholders that its operations continue without interruption. The company expanded its content moderation team to address regulatory concerns and updated its policies to comply with international standards.
The increase in crypto assets indicates that Telegram will continue to grow sustainably in the digital asset space. The company aims to further enhance its crypto holdings through future initiatives, supporting innovation.
Telegram’s rapid growth in crypto assets highlights its significant role in the digital economy. The financial activities and revenue diversification strengthen the company’s financial success.
