Telegram’s Crypto Revenue Surpasses $342 Million in 2023
- The messaging platform made $342.5 million in revenue last year.
- A major contributor to this revenue has been the ‘integrated wallet.’
Pavel Durov’s recent detention in France on charges of failing to regulate illicit material on the messaging platform Telegram has put it in the limelight.
Additionally, people are taking notice of the company because of how heavily it is involved in the cryptocurrency market. The value of the company’s digital assets has surpassed its cash reserves, according to financial reports, which now stand at $400 million.
Reviewing the company’s financial report for 2023, the Dubai division of PwC found that crypto-related revenue significantly impacts the bottom line. The company made $342.5 million in revenue last year, even though it had a huge operating deficit of $108 million. Significantly, crypto-related activity accounted for more than 40% of total revenue. Its integrated wallet and the selling of collectibles are part of this.
Banking on Digital Assets
A major contributor to this revenue has been the “integrated wallet,” a new business line for Telegram. By including this wallet inside the social media app and offering constant access, this software program enables users to store, transmit, receive, and exchange crypto assets. Toncoin, the native token of the firm’s blockchain initiative, The Open Network (TON), is used as non-cash payment to support this service.
In addition, the company’s involvement with digital assets goes beyond just its integrated wallet. For some time now, the business has been selling various types of collectibles. Virtual phone numbers and usernames are examples of this. Toncoin is one of the payment methods that it takes. The fair value of these transactions is reported in the company’s financial accounts, which also account for any profits or losses from digital assets.
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