Telegram Has $400M Exposure to Crypto, 2023 Revenue Report Shows

The 2023 yearly earnings showed that the messaging application and crypto-friendly social platform Telegram has over $400 million invested in digital assets. A report from the Financial Times revealed that cryptocurrencies contributed to a large chunk of the Dubai-based social media’s asset balance.

Although the report, which has yet to be officially published, mentioned the Telegram group’s exposure to crypto, it didn’t explicitly state the kind of digital asset it owns. The financial report showed that Telegram’s crypto stash increased from $106.3 million in December to $399.2 million.

It is worth noting that the Financial Times didn’t specifically reveal how it got the report. However, the media outlet stated that Durov signed the financial statements and handed them to PwC Dubai.

Telegram Records $342M Revenue

The report showed that Telegram recorded a yearly revenue of $342.5 million, a 33.3% growth from the $228.1 million recorded in December 2022. However, the messaging app declared an operating loss of $108 million, down from $202 million in 2022.

A breakdown of the $324 million revenue showed that a considerable part was from crypto-related endeavors. Telegram made $130 million from integrated wallets and $18 million from sales of digital collectibles.

Telegram introduced the integrated wallets feature, a program that allowed users to hold, send, trade, and receive cryptocurrencies through the messaging app. As Telegram defined them, collectibles were items like usernames and virtual phone numbers, and their sales generated the $18 million recorded in the report.

The financial report showed that Telegram’s digital assets appreciated in 2023, posting a gain of $86 million after revaluation. Despite these profits, the firm disclosed a net loss of $173 million, down 46% from the $322 million reported in 2022.

Telegram-Toncoin Affiliation

Although two separate entities, Telegram and The Open Network (TON), have shown close affiliations in recent times. The duo entered a strategic partnership earlier in the year, allowing Telegram users to pay for in-app features using Toncoin.

With Telegram’s mini-app, projects like Notcoin and DOGS have debuted and launched on the fast-growing TON network. More projects like Hamster Kombat and Blum will also make their market cameo on TON.

After Telegram founder Pavel Durov’s arrest in France, Toncoin fell over 20%. However, the asset has chopped down some of its losses following his release and was trading at $5.30 at the time of writing.