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Telegram, the messaging app cherished by cryptocurrency enthusiasts, reported holding $400 million in digital assets at the end of 2023. With revenues deeply entrenched in crypto-related activities, about 40% of its annual income stems from its “integrated wallet” and “sale of collectibles,” combining to nearly $148 million. This integrated wallet facilitates storage, trading, and transactions of crypto assets directly within the app.
Amid these developments, Pavel Durov, Telegram’s founder, faces legal challenges in France, with accusations centered on the app’s alleged facilitation of illicit activities. Despite this, the Financial Times highlights Telegram’s robust financial health and a valuation upwards of $30 billion, underpinned by Durov’s complete ownership and significant external investments from major global funds.
As the platform approaches a billion users, its engagement with the crypto world deepens, evidenced by recent spikes in popularity for crypto games like Notcoin and Hamster Kombat. These games, leveraging the TON blockchain, underscore Telegram’s pivotal role in the expanding universe of digital collectibles and cryptocurrency transactions.
