Telegram Made 40% of Its Revenue From Crypto Assets in 2023: Report

A new report from The Financial Times shows that in 2023, over 40% of the revenue generated by the company was derived from its integrated wallet and sales of collectibles.

Messaging app Telegram generated a significant portion of its revenue from crypto assets in 2023, with over 40% of the total coming from its integrated wallet and sales of collectibles, according to a new report by The Financial Times.

Telegram sells collectibles and provides integrated wallet services in exchange for Toncoin (TON), the token of The Open Network (TON) layer-1 blockchain. The platform initially created TON in 2018, but it is now being operated by an open-source community of developers.

As per the report, Telegram’s financial statement reveals that its platform wallet generated $130 million in revenue, while the sales of collectibles amounted to $17.8 million. In total, Telegram booked $342.5 million in revenue.

However, the company also reported an operating loss of $108 million for the year. Telegram also holds nearly $400 million in digital assets, which is more than half of the $774.2 million recorded under non-current assets.

The report adds that Telegram invests in digital assets over a long-term time frame, with the intention of selling them after making significant gains.

Meanwhile, Telegram founder and CEO Pavel Durov was recently detained in France, but is now out on bail, according to CNN. He is under investigation over allegations of failing to curb the spread of illicit content on the messaging platform, including those related to drug trafficking and other illegal activity.