Telegram Financial Report: Crypto Assets Reach $400 Million
2024-09-02
Bittime - Telegram, a popular messaging app that was recently in the spotlight following the arrest of CEO Pavel Durov, revealed that it held $400 million (around IDR 6.1 trillion) worth of crypto assets at the end of 2023. Telegram's latest financial report shows that the company is getting deeper into the world. cryptocurrency, despite facing financial challenges.
Telegram Financial Report 2023: Crypto Assets and Revenue
According to Telegram's financial report, by the end of 2023, the company will have around four million premium users. This figure continues to increase and has now reached more than five million users.
Despite generating revenue of $342.5 million (around IDR 5.3 trillion), Telegram recorded an operating loss of $108 million (around IDR 1.6 trillion). About 40% of this revenue comes from digital asset-related activities, including “integrated wallets” and “collectibles sales.”
Telegram Crypto Activities: Integrated Wallet and Collection Sales
Telegram revealed that an “integrated wallet” is a software program that allows users to store, send, receive and trade crypto assets.
Meanwhile, sales of collectibles include various types of digital items such as usernames and virtual telephone numbers. Telegram also facilitates transactions between users for the sale of these collections and earns commissions from these services.
Impact of Pavel Durov's Arrest on Toncoin (TON) Price
Following the Aug. 24 arrest of Durov, who faces multiple charges including terrorism and money laundering, Toncoin (TON), the native currency of The Open Network originally developed by Telegram, saw a surge in futures trading activity. At the time of publication, the price of TON was around $5.30 (around IDR 82,000), down more than 21% from around $6.70 (around IDR 102,000) in the last seven days.
Despite the price decline and changes in market sentiment, several technical and market factors suggest that TON may experience a recovery if the market considers the arrest to be an isolated incident that does not fundamentally damage the Toncoin ecosystem.
Want to get the latest news about crypto and technology? Join our community on Bittime and stay connected with the latest updates and investment opportunities. Register now to stay up to date with the latest and most reliable information!
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
