Telegram has recently come under intense scrutiny following the arrest of its CEO, Pavel Durov, on August 24. In the midst of this upheaval, the company’s 2023 financial report has revealed significant details about its involvement in the cryptocurrency sector, disclosing that Telegram held approximately $400 million in digital assets as of the end of last year.
While Telegram achieved notable revenue of $342.5 million in 2023, it reported an operating loss of $108 million. According to a report by the Financial Times, around 40% of Telegram’s revenue was derived from digital asset-related activities, categorized under “integrated wallet” and “sale of collectibles.”
The “integrated wallet” refers to a software platform that allows users to store, transfer, and trade cryptocurrency. The “sale of collectibles” includes digital items such as usernames and virtual phone numbers, with Telegram earning transaction fees from these sales.
The financial report also revealed that Telegram had approximately four million premium users by the end of 2023, a figure that has since risen to over five million, indicating the app’s sustained popularity despite recent controversies.
Globally, Telegram’s user base remains robust, with India leading in app downloads for 2023 at 83.85 million. The United States followed as the third-highest, with 29.92 million downloads, according to Statista.
The impact of Durov’s arrest has also extended to Toncoin (TON), the native cryptocurrency of The Open Network, which was initially developed by Telegram. Following Durov’s arrest at Le Bourget airport near Paris, TON’s value plummeted by over 20%, reflecting investor concerns about the potential repercussions for the TON ecosystem. Durov faces numerous charges, including terrorism, trafficking, conspiracy, fraud, and money laundering.
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