In a recent reveal from their 2023 financial statement, popular messaging app Telegram has reported holding $400 million in cryptocurrency assets. This finding arrives amidst a turbulent period for the company, whose CEO, Pavel Durov, was apprehended on August 24th. Notoriously favored in the crypto world, Telegram boasted four million premium users by 2023’s end, with over five million reported today.
Despite amassing $342.5 million in generated revenue, Telegram also accrued an operating loss of $108 million in 2023. Of their total revenue, a hefty 40% was generated from digital asset-associated activities, primarily falling under the categories of integrated wallets and the sale of in-app collectibles.
Offering insight into these categories, the financial statement indicated that the integrated wallet is a software feature permitting users to trade, store, and interact with their crypto assets. The sale of collectibles involves trading various collectibles like usernames and virtual numbers- a service for which Telegram charges a fee.
Following the surprise arrest of Pavel Durov, the digital currency of The Open Network (TON), which was primarily developed by Telegram, experienced a flurry of future trading activity, with traders reacting to uncertain market conditions. Over the past week, TON has fallen by over 21%, trading at approximately $5.30, and its market capitalization has dipped by almost 2%, impacting its previous value of $13.42 billion.
Recorded at a significant low, industry experts anticipate a potential rebound on the horizon for TON. Provided the market considers Durov’s arrest as a singular event with no irreversible damage to the Toncoin environment, traders may capitalize on the recent dip and perceive it as an advantageous purchasing opportunity.