Will Telegram’s Crypto Holdings Keep Rising After Reaching $1.3B in H1 2024?

Ronny Mugendi
November 27, 2024
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Will Telegram’s Crypto Holdings Keep Rising After Reaching $1.3B in H1 2024?

Highlights

  • Telegram's crypto holdings grew from $400M to $1.3B in H1 2024, a 225% increase.
  • Toncoin sales and an exclusivity ad deal contributed significantly to the growth.
  • Telegram's total revenue surged by 190% year-on-year, reaching $525M.

The recent report has sparked discussions if Telegram’s crypto holdings could continue to grow at this pace

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Telegram’s $1.3B Crypto Holdings Mark 3X Growth in Just Six Months

Additionally, the social media platform leveraged a $225 million exclusivity agreement that made Toncoin the only payment method for small businesses purchasing ads on its platform. Though this deal ended on October 1, it provided a substantial boost to the company’s income.

Following the partnership, TON price has increased over 150% to $5, with a peak near $7.00 in the past year. Meanwhile, recent analysis suggests that TON price could reach the $10 mark, driven by current bullish trends and increased trading volumes.

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Revenue Soars by 190%, Supported by Crypto Sales

During the first half of 2024, Telegram recorded $525 million in revenue, a 190% year-on-year increase compared to the same period in 2023. Major sources of this growth included cryptocurrency transaction income, advertising and premium subscription services.

Advertising revenue nearly doubled, reaching $120 million, while premium subscription services generated $119 million, up from $32 million. These financial strides demonstrate Telegram’s ability to diversify its income streams while capitalizing on the expanding digital asset market.

While the social media app demonstrated strong financial performance, its CEO, Pavel Durov, faced legal challenges in France. In August 2024, authorities detained Durov, accusing him of failing to address illegal activities on Telegram’s platform. This included concerns about child abuse and terrorist content. However, Durov was released on bail but remains restricted from leaving France as investigations continue.

Despite these legal challenges, the social media app has assured stakeholders that its operations remain unaffected. The company has addressed regulatory concerns by expanding its content moderation team and updating policies to international standards.

The surge in crypto holdings suggests that Telegram is well-positioned for continued expansion in the digital asset space. As the company builds on its initiatives, its crypto holdings will boost further innovation.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.