Known for being the originator of The Open Network (TON) blockchain, Telegram has generated a significant portion of its revenue from its crypto-related activities. In total, the social network is said to hold nearly $400 million worth of cryptocurrencies.
Telegram messaging service held no less than $400 million in cryptocurrencies at the end of 2023
According to a financial report from Telegram, the company behind the messaging service of the same name has decided to adopt a strategy aimed at diversifying its revenue sources. As a result, by the end of 2023, Telegram was in possession of nearly $400 million in cryptocurrencies.
Telegram has been dabbling in the cryptocurrency and blockchain space for several years now, with varying degrees of success. Indeed, in 2017, The team behind the messaging app unveils The Open Network (TON), its own blockchain.
👉 To learn more – The Open Network (TON), the blockchain tailored for the Telegram application
Telegram has since distanced itself from TON, although the network is still largely associated with the messaging service and its co-founder and CEO. Pavel Durov. However, with its new strategy, the group seeks to strengthen its presence within the crypto ecosystem.
In 2023, 40% of the company's revenue, or about $148 million, was generated from its cryptocurrency-related activities.. It is mainly through from a wallet integrated into its messaging, a tool that allows its users to ” to store, send, receive and exchange crypto assets “, that Telegram was able to generate such a sum.
The firm also relied on on the sale of “collectibles”namely digital collectibles like virtual phone numbers or usernames, to boost the total revenue.
Please note that Telegram reportedly sold a large amount of Toncointhe cryptocurrency of the TON blockchain, just before the cryptocurrency crash that took place in early August.
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Despite his efforts, Telegram has again suffered an operating lossHowever, this is less significant than in 2022, going from 201 to 108 million dollars in 2023. The company's turnover is up around 50% compared to 2022.standing at around $342.5 million for the year 2023.
However, to hope to grow, The company can count on its billion users, and on the existing craze around the “tap to earn” game Hamster Kombat which works thanks to the TON blockchain and is only available from Telegram.
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Finally, the creation of a cryptocurrency reserve is a phenomenon that is increasingly tending to become more democratic. MicroStrategythe software publisher, is one of the pioneers in this field, having built up a reserve of more than 226,500 Bitcoins (BTC).
Currently, the company co-founded by Michael Saylor has reportedly achieved a profit of more than 5 billion dollars. A result that the Japanese giant hopes to achieve. Metaplanet, who has embarked on the creation of a similar reserve of BTC.
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Source: Financial Times
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Surprised by the rise of crypto-assets in the late 2010s, I started to closely follow this sector that fascinates me to the highest degree. When I am not in football stadiums, rugby or handball halls, I work on writing relevant articles about cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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