Telegram, the renowned messaging platform, has seen exponential growth in its income thanks to its investments in cryptocurrencies. In the first half of 2024, the company’s digital assets reached a value of $1.3 billion, up from $400 million at the end of 2023. This was achieved, in part, thanks to the sale of TON tokens, a Cryptocurrency closely linked to the platform, which generated significant revenue for the company
Highlighted financial results
In the first six months of 2024, Telegram reported revenue of $525 million, a 190% increase compared to the same period in 2023. Among these, $225 million came from an exclusive agreement with an undisclosed party, which allowed Toncoin to be the only payment method for in-app advertising, a contract that ended on October 1.
Telegram also posted a post-tax profit of $335 million, leaving behind losses of $173 million from the previous year. This marks a significant change in its financial performance, positioning it to achieve its first year of net profits.
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Legal challenges and their impact
Telegram founder Pavel Durov faces preliminary charges in France over the platform’s alleged inability to moderate criminal content. Although this incident generated volatility in the Toncoin market, the company assures that operations have not been significantly affected.
Diversified income and future strategies
In addition to its cryptocurrency earnings, Telegram is strengthening its business model with advertising and premium subscriptions, reaching record revenues of $120 million and $119 million respectively in the first half of 2024. This approach follows in the footsteps of technology giants such as Meta and X ( formerly Twitter), with a view to a possible initial public offering in 2026.
What’s next for Telegram?
Despite legal and regulatory challenges, Telegram continues to show resilience. With a founder who leads a multi-million dollar fortune in cryptocurrencies and a focus on innovation, the platform appears to be on its way to establishing itself as a benchmark in messaging and Blockchain.
Telegram has proven that it can adapt to changing market conditions, and its recent financial successes underscore its ability to overcome adversity and capitalize on opportunities in the dynamic world of cryptocurrencies.
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