The post How Telegram Turned Crypto Activities into 40% of its Revenue Amid Legal Battle appeared first on Coinpedia Fintech News
Recently, a French court charged the founder of Telegram, Pavel Durov. The prime allegation against the Telegram founder was that his organisation allowed its message application’s tools to be used for illegal activities. It was not the first time that the organisation faced an allegation of such a nature. Amid this controversy, a latest report revealed that in the previous year the organisation generated a huge revenue through digital asset related activities.
A Closer Look at Telegram’s Digital Asset Related Activities
As per a report published in a global financial media house citing Telegram’s 2023 financials, the organisation’s digital asset related activities helped it to generate at least $148 million in the previous year. At least 40 per cent of the total revenue of the year 2023 was contributed by the said segment. Notably, ‘integrated crypto wallet’ and ‘sale of collectibles’ were the two promoted areas of the segment which contributed predominantly towards the revenue generation.
Telegram and Toncoin: What You Should Know
Toncoin is a native cryptocurrency of TON blockchain – which has a close connection with Telegram. The current price of Toncoin is $5.32. In the least 30-days, it has seen a fall of 21.5%. Last year, for the crypto, it was a year of great turbulence. Telegram has a huge collection of Toncoin. Notably, as per the report, it had sold a significant amount of its collection of Toncoin before the dropping of its price.
In conclusion, the association of Telegram and digital assets are worthy to be noted. In the coming years, the messing application is likely to level up its association with the crypto landscape, opening up new avenues for innovation and development.