Telegram coins have soared from $400 million at the end of last year up to $1.3 billion this year alone. It says Toncoin sales contributed to the spike in revenue, citing financial disclosures and a profitable sale of digital assets, which have faced legal issues over the founder.
Solana’s development lags significantly behind the other two companies in the crypto market, Telegram, which is the number one in terms of gains in digital asset holdings and company revenue. Telegram sold $353 million in digital assets and inked a $225 million Toncoin exclusivity deal in H1 2024.
The company’s financial lifeblood came from this deal: Small businesses could only buy their ads with Toncoin, its only payment method. Canned on October 1, the agreement was nevertheless deeply felt by Telegram, with little to no impactful muted but still mind-blowing revenue for the company in the first half of the year.
Telegram Earns $525 Million In H1 2024 Despite Crypto Volatility
In 2024, Telegram earned $525 million in revenue in just six months, a 190 percent increase from the previous year. Advertising revenue alone doubled to $120 million, and premium subscriptions generated $119 million, up from $32 million the year before.
But Telegram’s crypto fortunes have come back to bite it: The cryptocurrency market is notoriously volatile. CEO Pavel Durov’s arrest in August 2024 brought Toncoin, Telegram’s main digital asset, down 25%. Nevertheless, the coin returned to green as the overall crypto market gained.
Toncoin hit $6.32 on Nov. 24 before trading back to around $5.70.Telegram, meanwhile, continues to grow financially robustly, and its founder, Pavel Durov, has occasionally feuded legally with the company.
Italy arrested Durov in August, nearly fresh on the heels of France arresting the Telegram owner for not doing enough to combat vile activities stored on the platform, including child abuse and terrorism. The Russian Durov, released on bail, has been forbidden by French authorities from leaving France while the investigation continues.
While Pavel Durov’s detention briefly rattled investor confidence, Telegram says the legal challenges have not derailed it. In a statement, Telegram said it was shocked at the arrest and that the messaging app had worked to comply with EU legislation and had cooperated with law enforcement. He also said that he was ready to leave the markets that went against the platform’s core principles.
Faster than anything, it has quelled worries over how its platform moderates content. To combat regulation, Telegram is set to hire more content review staff and reword policies to purge the global reputation of being a spreader of fake news and abuse, it said.
As Telegram’s financial disclosures indicate, it’s growing. According to the company, as of 2024, the platform had more than 950 million monthly active users, and despite being a messaging app, it is one of the most used apps in the world.
After his detention, Durov used some of his crypto to buy back $124.5 million in bonds, and that strategy paid off as bond values ticked up after initially falling.
Telegram wants to fund an IPO in 2026 by growing its revenue streams past bulk advertising. It is building its presence with ads, subscriptions, and digital assets to achieve a solicited crypto market and legal review.
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