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Telegram Has Achieved Significant Success in Its Cryptocurrency Ventures, Securing $225 Million Through Partnership Deal
Telegram Toncoin Crypto Asset: Telegram’s total cryptocurrency holdings hit $1.3 billion in the first half of 2024, which was $400 million at the end of the year 2023.
This growth was fueled by the Toncoin sale and some other financial activities highlighted the company as one of the major players in the digital asset ecosystem.
The recent report has sparked discussions if Telegram’s crypto holdings could continue to grow at this pace.
The social media company has pulled in a total of $225 million from one single deal selling exclusive use of its Toncoin native crypto asset.
Telegram Toncoin Crypto Asset
Telegram Toncoin Crypto Asset makes the company susceptible to changes in the token’s market value.
The price of TON fell by 25% to $5.24 during Telegram founder Pavel Durov’s legal issues.
However, the token rebounded in the following weeks, supported by a broader cryptocurrency market rally, hitting a high of $6.657 on Saturday.
Despite some fluctuations in the price of Toncoin following Durov’s arrest, Telegram has continued to generate revenue from crypto asset sales. In the first half of 2024, the company recorded $353 million in cryptocurrency transactions and reported a profit after taxes of $335 million, demonstrating its financial strength.
Also Read: Pavel Durov, Telegram Founder, Arrested in France
Telegram Shows Promises In Other Areas Aside From Crypto
Major sources of the social platform growth included cryptocurrency transaction income, advertising, and premium subscription services.
Advertising revenue nearly doubled, reaching $120 million, while premium subscription services generated $119 million, up from $32 million.
These financial strides demonstrate Telegram’s ability to diversify its income streams while capitalizing on the expanding digital asset market.
The surge in crypto holdings suggests that Telegram is well-positioned for continued expansion in the digital asset space. As the company builds on its initiatives, its crypto holdings will boost further innovation.
