Telegram’s Financial Report: $400 Million in Digital Assets

Telegram, the messaging app popular among crypto enthusiasts, held $400 million in digital assets at the end of 2023, according to a report from Financial Times.

Revenue Sources

The report, citing Telegram’s 2023 financials, noted that a significant portion of the app’s revenue stemmed from digital asset-related activities categorized as “integrated wallet” and “sale of collectibles.” These generated nearly $148 million in revenue, accounting for about 40% of Telegram’s annual total.

Integrated Wallet

The integrated wallet refers to software that allows users to store, send, receive, and trade crypto assets.

Indictment of Pavel Durov

Pavel Durov, Telegram’s founder and CEO, faces indictment by a French court for allegations that the platform’s tools and services facilitated illicit activities. Telegram has not responded to requests for comment.

Sales of Collectibles

Regarding the sale of collectibles, the report explains:

The Group sells various collectibles (usernames, virtual phone numbers) to users. Revenue is recognized when collectibles are assigned. Sales between users also incur a facilitation fee.

Toncoin and Financial Valuation

The Financial Times also mentioned that Telegram once sold a significant number of Toncoin tokens before a price decline. Toncoins operate on the TON blockchain, which is closely linked to Telegram.

While assessing Telegram’s financials, the Financial Times suggested that the platform owned by Durov is valued at $30 billion. Durov retains 100% ownership of Telegram and has obtained $2.3 billion in external funding through convertible bonds from sovereign wealth funds, hedge funds, and tech investors.

User Growth

Telegram recently reported nearing 1 billion users, though the active bot count is uncertain. The app has gained traction among users for crypto games like Notcoin and Hamster Kombat, utilizing the TON blockchain.