Telegram CEO Pavel Durov recently announced a significant milestone for the social media platform: it now boasts 10 million paid subscribers. This achievement comes despite ongoing legal issues, which have sparked speculation about the potential impact on Toncoin, the cryptocurrency linked to Telegram’s ecosystem.
Telegram Premium and New Features
Telegram’s Premium service now has 10 million active subscribers, reflecting a robust user base willing to invest in the platform's advanced features. As part of an ongoing evolution, Telegram has also updated its offerings. The platform has removed the “People Nearby” feature, which had limited use and was prone to misuse by bots and scammers. In its place, Telegram plans to introduce “Businesses Nearby,” a feature designed to highlight verified, legitimate businesses and provide them with a new marketing avenue. This new feature aims to enhance user safety and compliance, as well as enable businesses to showcase their products and accept payments directly through Telegram.
Compliance Issues and Durov’s Legal Troubles
Durov’s recent arrest in France on 12 charges, including allegations related to the spread of inappropriate content, has placed Telegram under scrutiny. Although Durov was released on $5.56 million bail, he remains under judicial oversight and is restricted to staying in France until the allegations are resolved. Durov has publicly criticized the French authorities, calling the charges against him “misguided” and suggesting that the authorities should have addressed their concerns with Telegram directly.
Toncoin’s Market Outlook
The growth in Telegram’s user base could positively impact Toncoin, the cryptocurrency that powers The Open Network (TON). With Telegram’s expanding features and user engagement, Toncoin's role in supporting various applications, including gaming, could see increased demand. Historically, the price of Toncoin was adversely affected by Durov’s legal issues, but it has found support around $4.50 and experienced a brief rebound to $5.59 after his bail release.
Currently, Toncoin is facing challenges in maintaining its position among the top ten cryptocurrencies, with a recent 5.98% price drop. Data from IntoTheBlock indicates that 79.8% of Toncoin addresses are in loss, reflecting the coin’s volatile performance. However, there is potential for recovery and growth if Telegram continues to expand its user base and Toncoin’s associated projects gain traction.
Conclusion
Telegram’s achievement of 10 million paid subscribers highlights its strong market presence and the evolving features of its Premium service. Despite the legal challenges faced by Pavel Durov, the platform’s growth could benefit Toncoin, particularly if the new features and ongoing projects drive increased demand. As the legal situation unfolds and Telegram continues to innovate, the future outlook for Toncoin remains closely tied to the platform’s success and user engagement.
September 2024, Cryptoniteuae