Telegram, the encrypted messaging app, has quietly amassed a substantial cryptocurrency portfolio valued at $400 million. This revelation comes amidst recent scrutiny of the platform’s role in combating criminal activity and its founder’s arrest in France.Telegram’s Crypto Empire: A Hidden Gem Worth $400 Million
Despite a significant operating loss, Telegram generated $342.5 million in revenue last year. A substantial portion of this income, over 40%, is derived from crypto-related activities. The company’s integrated wallet, which allows users to store, send, and trade crypto assets, has been a major contributor to this revenue.
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Telegram sells various collectibles, such as usernames and virtual phone numbers, to its users. Revenue is recognized when the collectible is assigned to the user, and Telegram also receives fees for facilitating sales between users. The two line items totaled nearly $148 million in revenue.
Telegram’s financial disclosures also reveal that the company holds a significant amount of Toncoin, the native token of its blockchain project, The Open Network (TON). The company’s strategic management of its Toncoin holdings, including the sale of a portion before the recent price downturn, indicates its proactive approach to managing its crypto exposure.
The messaging app’s substantial digital asset holdings and its involvement in crypto-related activities have raised questions about its valuation. While Durov previously estimated Telegram’s worth at over $30 billion, the company’s financial performance and its focus on user privacy present a complex picture of its true value.Telegram’s Crypto Empire: A Hidden Gem Worth $400 Million
As Telegram continues to navigate the challenges posed by regulatory scrutiny and the volatile crypto market, its substantial crypto holdings and revenue streams highlight its position as a major player in the digital asset space.
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