Telegram 信差已轉變為加密貨幣交易所

從本質上講，Telegram 根本不是信使，而是一個加密貨幣交易所。至少，這是最近透露的收入來源

Telegram is best known for its messenger service. But the integrated wallet has now become the company’s most important financial pillar. Has the messenger turned into a bank and exchange? Listen to the audio version:

Telegram 以其即時通訊服務而聞名。但綜合錢包現在已經成為公司最重要的財務支柱。信使變成銀行和交易所了嗎？收聽音訊版本：

In essence, Telegram is not a messenger at all, but a cryptocurrency exchange. At least, this is what the recently revealed sources of revenue for the formerly Russian company indicate.

從本質上講，Telegram 根本不是信使，而是一個加密貨幣交易所。至少，這家前俄羅斯公司最近披露的收入來源表明了這一點。

The Financial Times has obtained access to a previously private balance sheet for the years 2022 and 2023. This document shows a total loss of $108 million on revenues of $342.5 million. Among the revenues are several items related to crypto.

英國《金融時報》獲得了先前非公開的 2022 年和 2023 年資產負債表。收入中有幾項與加密貨幣相關。

The smallest contribution comes from a „gain on the revaluation of digital assets,“ which amounts to only $500,000. Much more significant was the $17.8 million earned from the sale of „collectibles,“ or NFTs. By far the largest item is the „integrated wallet,“ which brought in $130 million. Together, crypto made up more than 40% of Telegram’s revenues.

最小的貢獻來自“數位資產重估收益”，僅為 50 萬美元。更重要的是透過銷售「收藏品」或 NFT 賺取了 1780 萬美元。到目前為止，最大的項目是“整合錢包”，收入達 1.3 億美元。加密貨幣合計佔 Telegram 收入的 40% 以上。

The wallet became Telegram’s most significant revenue source in 2023, surpassing premium subscriptions and advertising. It went live in April 2022 but was initially limited to TON and collectibles, leading to rather negative sentiment among users. It wasn’t until September 2023 that Telegram officially made the wallet available to all users, and in April 2024, it integrated Tether USD (USDT).

2023 年，錢包成為 Telegram 最重要​​的收入來源，超過了付費訂閱和廣告。它於 2022 年 4 月上線，但最初僅限於 TON 和收藏品，導致用戶產生相當負面的情緒。直到 2023 年 9 月，Telegram 才正式向所有用戶提供該錢包，並於 2024 年 4 月整合了 Tether USD（USDT）。

You can activate the wallet by entering „wallet“ in the search field and then opening the channel @wallet. The wallet appears to have two parts: the normal wallet and TON Space.

您可以透過在搜尋欄位中輸入「wallet」然後開啟頻道@wallet來啟動錢包。該錢包似乎有兩個部分：普通錢包和 TON Space。

The normal wallet allows the use of TON, Bitcoin, and USDT but requires verification to deposit money. It is likely custodial, facilitating the purchase of coins via a bank card or P2P. TON Space, on the other hand, is non-custodial and requires verification, but only supports TON, USDT, and NFTs on the TON blockchain. Coins cannot be purchased but can be swapped. With „Wallet Earn,“ users can also earn considerable interest on their dollar deposits.

普通錢包允許使用 TON、比特幣和 USDT，但需要驗證才能存錢。它可能是託管的，方便透過銀行卡或 P2P 購買硬幣。另一方面，TON Space 是非託管的，需要驗證，但僅支援 TON 區塊鏈上的 TON、USDT 和 NFT。硬幣不能購買，但可以交換。透過“錢包賺錢”，用戶還可以透過美元存款賺取可觀的利息。

The Telegram Wallet

電報錢包

Through the ability to buy or exchange coins, Telegram seems to have tapped into strong revenue streams. Since integrating USDT, it has quietly become a dollar bank – although currently, it operates solely on the TON blockchain. This, however, has not negatively impacted revenues in 2023.

透過購買或交換硬幣的能力，Telegram 似乎已經利用了強勁的收入來源。自從整合 USDT 以來，它已經悄悄地成為一家美元銀行——儘管目前它僅在 TON 區塊鏈上運作。然而，這並未對 2023 年的收入產生負面影響。

Conversely, collectibles were less lucrative. While they brought in almost $92 million in 2022, revenues dropped to under $18 million. Although NFTs are a powerful tool for generating significant funds at the right moment, they appear to be too unstable for sustainable financing.

相反，收藏品的利潤較低。雖然他們在 2022 年帶來了近 9,200 萬美元的收入，但收入卻下降到了 1,800 萬美元以下。儘管 NFT 是在適當的時候產生大量資金的強大工具，但它們對於永續融資來說似乎太不穩定。

The TON blockchain forms the backbone of the wallet. Originally developed at Telegram, it was spun off due to regulatory issues. It is not clear to what extent Telegram itself holds TON coins. However, „digital assets“ now make up the largest portion of the company’s capital reserves. While cash reserves—i.e., fiat money in bank accounts—totaled just $170.9 million, by the end of 2023, the company held „digital assets“ worth almost $400 million, surpassing real estate, factories, data centers, and other equipment. These digital assets could include cryptocurrencies like Bitcoin or TON, but also dollar tokens such as USDT.

TON 區塊鏈構成了錢包的支柱。它最初由 Telegram 開發，但由於監管問題而被剝離。目前尚不清楚 Telegram 本身持有 TON 幣的程度。然而，「數位資產」目前占公司資本儲備的最大部分。雖然現金儲備（即銀行帳戶中的法定貨幣）總計僅為1.709 億美元，但到2023 年底，該公司持有的「數位資產」價值近4 億美元，超過了房地產、工廠、數據中心和其他設備。這些數位資產可能包括比特幣或 TON 等加密貨幣，也包括 USDT 等美元代幣。

For Telegram, revenues from cryptocurrencies are likely more important than ever before. The company had hoped to cover its immense expenses through an IPO within the next two years. As recently as March, founder Pavel Durov told the Financial Times he had already received commitments from potential investors for a valuation of over $30 billion. However, after his arrest in France, these plans are likely on hold; the bonds Telegram has issued have significantly plummeted.

對於 Telegram 來說，加密貨幣的收入可能比以往任何時候都更重要。該公司曾希望在未來兩年內透過首次公開募股來支付巨額開支。就在今年 3 月，創辦人 Pavel Durov 向《金融時報》表示，他已收到潛在投資者的估值超過 300 億美元的承諾。然而，在他在法國被捕後，這些計劃可能會被擱置。 Telegram 發行的債券大幅下跌。