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Telegram reported holding $400 million in digital assets, according to its financial statement. The messaging app, which had around four million premium users by year-end, has since seen this number rise to over five million. Despite generating $342.5 million in revenue, Telegram posted an operating loss of $108 million for 2023.
A significant portion of Telegram’s revenue, approximately 40%,was derived from digital asset-related activities, including its “integrated wallet” and “sale of collectibles.” The integrated wallet allows users to store, send, receive, and trade cryptocurrencies, while the sale of collectibles involves transactions for usernames and virtual phone numbers, with Telegram earning fees for facilitating these trades.
In the first two months of 2024, Telegram reported in-app revenue of $11.66 million and has secured over $4 billion in funding since its inception. Notably, India led global Telegram downloads in 2023 with 83.85 million, while the United States was third with 29.92 million downloads.
The recent arrest of Telegram CEO Pavel Durov on August 24 has introduced significant turbulence. Durov, detained at Le Bourget airport near Paris, faces multiple serious charges including terrorism, trafficking, and fraud. He was presented in court from custody on August 28.
Following Durov's arrest, {Toncoin} (TON), the native cryptocurrency of The Open Network (TON) originally developed by Telegram, experienced a notable shift. The asset’s price declined by more than 21% over the past week, trading around $5.30, with its market capitalization falling nearly 2% to $13.42 billion.
Despite this downturn, there are indications that TON might rebound if the market views Durov's arrest as an isolated event not affecting the fundamental integrity of the Toncoin ecosystem. Traders may see the current dip as a opportunity amid the market volatility.
