As an analyst with years of experience in the digital asset market and a keen interest in the evolution of communication platforms, I find the growth trajectory of Telegram’s digital assets quite intriguing. The company’s swift rise from $400 million to over $1.3 billion in just six months is nothing short of impressive. This rapid expansion, coupled with their significant revenue generation, suggests a robust business model that is well-adapted to the dynamic digital landscape.
In the first six months of 2024, the worth of Telegram’s digital assets increased significantly, going up from $400 million at the end of 2023 to a staggering $1.3 billion.
Previously, it was revealed that Telegram had approximately $400 million worth of digital assets. Now, fresh details indicate that the value of their cryptocurrencies has climbed over one billion dollars.
According to a report by the Financial Times on November 26th, it was indicated that the company’s cryptocurrency assets have significantly grown in worth, nearly tripling in value.
According to a recent Financial Times article, the firm appears to have built up a financial cushion due to increased digital asset ownership, profits earned from TON coin sales, and a business arrangement with The Open Network (TON), as it navigates through legal difficulties faced by its founder.
CryptoMoon reached out to Telegram for comments but did not get an immediate response.
Telegram made $525M in revenue in the H1 2024
As per the recent findings, the earnings of the instant messaging platform amounted to an impressive $525 million between January and June. This figure signifies a substantial 190% jump compared to the corresponding period in the year 2023. Notably, the report also disclosed that the company raked in approximately $353 million by dealing in cryptocurrencies during the first half of 2024.
The investigation found that approximately $225 million originated from a confidential business arrangement. It has been rumored that Telegram was paid for permitting TON tokens to be the sole method for companies to purchase ads within their messaging platform. This exclusive deal reportedly ended on October 1st.
Telegram possesses a substantial quantity of TON, making it vulnerable to fluctuations in the TON market prices. During Durov’s arrest, the price of TON plummeted by 25%, reaching an all-time low of $5.24. However, the asset managed to bounce back, and a surge in the broader cryptocurrency market occurred shortly after. On November 24th, the crypto asset peaked at $6.32.
Telegram founder Pavel Durov’s arrest in France
On August 24th, the creator of Telegram, Pavel Durov, was apprehended by French law enforcement due to suspected infractions linked to the encrypted messaging service. According to local news sources, Durov was taken into custody at Le Bourget airport upon his arrival via private plane.
On August 28th, the creator of Telegram faced criminal charges in France and was barred from leaving the country. Before being granted release, he was obligated to put up a bail bond totaling approximately $5.5 million.
On September 5th, Durov stated his astonishment at being arrested by French authorities, explaining that Telegram has an EU representative for handling regulatory requests and law enforcement inquiries. The tech mogul also emphasized that Telegram is prepared to exit markets that don’t align with their core principles.
Among the top five apps with the highest number of downloads, Telegram stands out. In 2024, a company based in Dubai reported that it surpassed 950 million monthly active users on its platform.
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2024-11-26 14:03