Telegram: a crypto firm with a sideline in messaging
- Telegram’s financial performance shows a strong dependence on cryptocurrency, highlighting the app's reliance on digital assets like Toncoins.
- In 2023, Telegram generated $342.5 million in revenue but faced a $108 million operating loss.
- Toncoin transactions and revaluations accounted for a large portion of Telegram's assets, valued at nearly $400 million.
- The integrated wallet, allowing users to store, trade, and manage crypto assets, generated over 40% of the company’s revenue.
- Despite operational challenges, Telegram has attracted over $2.3 billion in convertible bonds from investors.
- The company’s heavy reliance on crypto raises questions about its valuation, reported at over $30 billion by Durov earlier this year.
- Telegram’s heavy crypto involvement and Durov’s legal troubles underscore potential risks for the company’s valuation and operations.
Source: Financial Times
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