Telegram Held $400 Million in Crypto by End of 2023
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Telegram held $400 million in digital assets by the close of 2023, according to its financial statement for that year.
Telegram, which had around four million premium users at the end of 2023, saw this number rise to over five million by mid-2024, according to a report from the Financial Times.
Despite this growth, the company faced significant financial challenges.
While the messaging platform generated $342.5 million in revenue, it still posted an operating loss of $108 million for the year/
Notably, about 40% of this revenue came from activities related to digital assets, including an “integrated wallet” and the sale of digital collectibles.
The integrated wallet, as detailed in Telegram’s financial disclosures, allows users to store, send, receive, and trade various cryptocurrencies directly within the app.
The feature has likely contributed to Telegram’s significant digital asset holdings.
Additionally, the company’s revenue stream was bolstered by the sale of digital collectibles, such as usernames and virtual phone numbers.
Telegram not only sells these collectibles but also facilitates transactions between users, earning fees for its services.
The messaging platform’s global reach was also evident in 2023, with India leading the way in Telegram downloads, recording 83.85 million users, according to Statista.
The United States ranked third, with 29.92 million downloads.
The company faced a major setback on August 24, when CEO Pavel Durov was arrested upon landing at Le Bourget airport near Paris.
Durov is facing a slew of
Read more on cryptonews.com
