Telegram 信使已转变为加密货币交易所

从本质上讲，Telegram 根本不是一个信使，而是一个加密货币交易所。至少，这是最近透露的收入来源

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 以其即时通讯服务而闻名。但综合钱包现在已经成为公司最重要的财务支柱。信使变成了银行和交易所吗？收听音频版本：

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.

从本质上讲，Telegram 根本不是一个信使，而是一个加密货币交易所。至少，这家前俄罗斯公司最近披露的收入来源表明了这一点。

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.

英国《金融时报》获得了之前非公开的 2022 年和 2023 年资产负债表。该文件显示，收入为 3.425 亿美元，总损失为 1.08 亿美元。收入中有几项与加密货币相关。

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.

最小的贡献来自“数字资产重估收益”，仅为 50 万美元。更重要的是通过销售“收藏品”或 NFT 赚取了 1780 万美元。到目前为止，最大的项目是“集成钱包”，收入达 1.3 亿美元。加密货币合计占 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，钱包成为 Telegram 最重要​​的收入来源，超过了付费订阅和广告。它于 2022 年 4 月上线，但最初仅限于 TON 和收藏品，导致用户产生相当负面的情绪。直到 2023 年 9 月，Telegram 才正式向所有用户提供该钱包，并于 2024 年 4 月集成了 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.

您可以通过在搜索字段中输入“wallet”然后打开频道@wallet来激活钱包。该钱包似乎有两部分：普通钱包和 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.

普通钱包允许使用 TON、比特币和 USDT，但需要验证才能存钱。它可能是托管的，方便通过银行卡或 P2P 购买硬币。另一方面，TON Space 是非托管的，需要验证，但仅支持 TON 区块链上的 TON、USDT 和 NFT。硬币不能购买，但可以交换。通过“钱包赚钱”，用户还可以通过美元存款赚取可观的利息。

The Telegram Wallet

电报钱包

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.

通过购买或交换硬币的能力，Telegram 似乎已经利用了强劲的收入来源。自从整合 USDT 以来，它已经悄然成为一家美元银行——尽管目前它仅在 TON 区块链上运营。然而，这并未对 2023 年的收入产生负面影响。

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，收藏品的利润较低。虽然他们在 2022 年带来了近 9200 万美元的收入，但收入却下降到了 1800 万美元以下。尽管 NFT 是在适当的时候产生大量资金的强大工具，但它们对于可持续融资来说似乎太不稳定。

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 区块链构成了钱包的支柱。它最初由 Telegram 开发，但由于监管问题而被剥离。目前尚不清楚 Telegram 本身持有 TON 币的程度。然而，“数字资产”目前占公司资本储备的最大部分。虽然现金储备（即银行账户中的法定货币）总计仅为 1.709 亿美元，但到 2023 年底，该公司持有的“数字资产”价值近 4 亿美元，超过了房地产、工厂、数据中心和其他设备。这些数字资产可能包括比特币或 TON 等加密货币，也包括 USDT 等美元代币。

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.

对于 Telegram 来说，来自加密货币的收入可能比以往任何时候都更加重要。该公司曾希望在未来两年内通过首次公开募股来支付巨额开支。就在今年 3 月，创始人帕维尔·杜罗夫 (Pavel Durov) 向英国《金融时报》表示，他已收到潜在投资者的估值超过 300 亿美元的承诺。然而，在他在法国被捕后，这些计划可能会被搁置。 Telegram 发行的债券大幅下跌。