Telegram’s Cryptocurrency Reserves Reach $1.3 Billion in 2024
Telegram reported a surge in its cryptocurrency reserves to $1.3 billion in the first half of 2024, up from $400 million at the end of 2023, as noted by the Financial Times on November 26.
In this period, Telegram generated $525 million in revenue, marking a 190% year-on-year increase. A notable portion, $353 million, was derived from digital asset sales, indicating an increased reliance on cryptocurrencies.
Toncoin’s Market Fluctuations
Telegram also earned $225 million from a now-ended exclusivity agreement involving Toncoin, which was previously the sole currency for advertising purchases on the platform. This financial boost contributed positively to the company’s performance before the agreement's termination on October 1.
The company holds significant amounts of Toncoin, exposing it to market volatility. During CEO Pavel Durov’s detention in August, the token's price fell by 25% to $5.24. However, it recovered in November, reaching $6.32 amid a broader market rebound.
Telegram's involvement with TON represents both an asset and a risk, highlighting the growing influence of blockchain technology in its business model.
Legal Challenges Intensify
Telegram's financial growth occurs amidst increasing legal challenges. In August, French authorities detained Pavel Durov at Le Bourget airport for alleged violations related to the messaging platform. He faced charges that barred him from leaving France, with bail set at $5.5 million.
Durov expressed surprise over his arrest, noting Telegram's compliance with EU regulations through a designated representative. He indicated potential exits from markets where local laws conflict with the company's values.
Despite these issues, Telegram maintains strong global appeal, ranking among the top five most downloaded apps worldwide in 2024, with over 950 million monthly active users.
Moreover, Telegram has significantly contributed to cryptocurrency adoption by integrating blockchain features and promoting Web3 gaming. Initiatives like Telegram mini-games have connected traditional gamers with blockchain enthusiasts.
Popular titles such as Hamster Kombat, Notcoin, and Catizen have attracted millions to the crypto ecosystem, with Hamster Kombat reaching 200 million users at its peak, reinforcing Telegram's impact in the gaming and blockchain sectors.