Telegram, the popular messaging app, has seen a significant surge in its cryptocurrency holdings, reaching a staggering $1.3 billion in the first half of 2024. This represents a threefold increase from its $400 million valuation at the end of 2023, as reported by the Financial Times (FT).
Factors Driving the Surge
Several factors have contributed to this substantial growth:
TON Token Sales: A significant portion of the revenue came from the sale of TON tokens, a cryptocurrency associated with The Open Network (TON). The sale of these tokens generated a substantial $353 million for the company.
Ad Revenue from TON: Telegram had previously entered into an exclusive deal that made TON the sole currency for purchasing ads on the platform. Although this deal has since ended, it contributed $225 million to the company's revenue in the first half of 2024.
Valuation of Existing Crypto Holdings:
The overall cryptocurrency market experienced a bullish trend in the first half of 2024, leading to an increase in the value of Telegram's existing crypto assets.Impact of Durov's Arrest
Despite the arrest of Telegram founder Pavel Durov in France, the company's financial performance remained robust. While the arrest initially caused a 25% dip in the price of TON, the cryptocurrency has since recovered and even surpassed its previous highs.
Telegram's Growing Influence
Telegram's user base continues to expand, with the platform now boasting over 950 million monthly active users. This growth, coupled with its significant cryptocurrency holdings and innovative business strategies, positions Telegram as a major player in the global tech industry.
As Telegram continues to evolve, its strategic investments in cryptocurrency and its focus on user privacy and security are likely to further solidify its position in the market.
November 2024, Cryptoniteuae