the balance sheet reveals $400 million in crypto

The latest news from Telegram reveals the 2023 balance sheet containing 400 million dollars in crypto. Meanwhile, the arrest of CEO Pavel Durov casts shadows on the future of the app and the Toncoin ecosystem. 

Let’s see in this article all the details about it. 

The growth of premium users and the impact of crypto on Telegram’s revenue: latest news 

As anticipated, the 2023 balance sheet of Telegram revealed surprising details about the crucial role that digital assets play in the financial strategy of the messaging app.

At the end of 2023, Telegram held approximately 400 million dollars in criptovalute, an indication of how the company is increasingly integrating digital resources into its business model.

At the same time, the platform recorded a significant increase in premium users, rising from four million at the end of 2023 to over five million at the beginning of 2024. 

This increase indicates a growing user loyalty, attracted by exclusive features offered by the paid service.

Despite the growth of premium users, Telegram recorded an operating loss of 108 million dollars in 2023, against a revenue of 342.5 million dollars.

About 40% of these revenues come from activities related to cryptocurrencies, mainly divided into two categories: the “integrated wallet” and the “sale of collectibles”. 

The integrated wallet of Telegram allows users to manage, send, receive, and exchange cryptocurrencies directly through the app, facilitating access to these digital assets for millions of people.

The “sale of collectible items” represents another significant source of income for Telegram.

The company sells digital items such as usernames and virtual phone numbers, also allowing the buying and selling of these assets between users, earning commissions from the transactions. 

This approach has expanded the monetization opportunities for Telegram, making the app not only a messaging platform but also a marketplace for digital assets.

Arrest of Pavel Durov: consequences for Telegram and the Toncoin ecosystem

On August 24, 2023, the founder and CEO of Telegram, Pavel Durov, was arrested upon his arrival at Le Bourget airport, near Paris.

The accusations against him, which include terrorism, trafficking, conspiracy, fraud, and money laundering, have deeply shaken the Telegram community and the world of cryptocurrencies. 

The arrest of Durov has raised concerns about the stability of the future of Telegram, particularly regarding its role in the cryptocurrency market and the Toncoin (TON) ecosystem.

Toncoin (TON), the native cryptocurrency of The Open Network, originally developed by Telegram, experienced a significant impact following the arrest of Durov. 

The price of TON has collapsed from about 6.70 dollars to 5.30 dollars, marking a loss of 21% in a week. The market capitalization of TON has also experienced a decline of nearly 2%, dropping to 13.42 billion dollars. 

These numbers reflect a change in market sentiment, with many investors worried about the future of cryptocurrency following recent events.

However, despite the drop in prices, some analysts believe that TON may be ready for a rebound. The current volatility could represent an opportunity for traders who see the drop as an overreaction and temporary. 

If the market perceives Durov’s arrest as an isolated incident, without lasting consequences on the Toncoin ecosystem, it is possible that the asset will recover value in the medium term. 

This scenario could push investors to consider purchasing TON at discounted prices, anticipating a future recovery.

In conclusion, the 2023 balance sheet of Telegram has highlighted the growing importance of cryptocurrencies in its business model, while the arrest of Pavel Durov represents a significant challenge for the company and for the Toncoin ecosystem. 

While the future remains uncertain, Telegram continues to represent one of the most influential platforms in the cryptocurrency landscape, and the coming weeks will be crucial in determining the direction in which the company and its digital assets will move.