30s Summary

Telegram’s cryptocurrency holdings tripled to $1.3 billion in H1 2024, up from $400 million at the end of 2023. The company sold digital asset Toncoin and made a deal related to The Open Network (TON), providing a financial cushion when its founder faced legal issues. Telegram’s H1 2024 revenue was $525 million, marking nearly a 3X YoY increase, largely due to $353 million worth of crypto sales and a $225 million deal linked to TON tokens. The company’s user base also exceeded 950 million active users per month in the same year.

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Hey there! Did you hear that Telegram’s cryptocurrency stash grew to a whopping $1.3 billion in the first half of 2024? That’s a big leap from the $400 million they held at the end of 2023, according to a report from the Financial Times. Previously, we knew Telegram sat on about $400 million in cryptos, but it seems they’ve well surpassed the billion-dollar mark now! Our trusted pals at the Financial Times tell us Telegram’s crypto holdings tripled in value, nice one!

Did you know the company got a major boost from selling Toncoin, a digital asset, and they struck a sweet deal in relation to The Open Network (TON)? These wallets fattening moves gave Telegram a cushion when their founder faced some legal heat. We tried to get a comment from Telegram but got radio silence.

Guess what? Telegram rolled in some serious dough in 2024. The messaging app made a cool $525 million in revenue from January to June, that’s nearly 3X increase compared to the previous year. Telegram made a killing by selling $353 million worth of crypto in just first half of the year. Plus, they pocketed $225 million from a now-ended deal that gave exclusive rights to use TON tokens to buy ads on the platform.

Indeed, Telegram holds a meaty chunk of TON and is subject to the market swings. When Telegram’s leader, Pavel Durov, got himself arrested, TON’s price tumbled by 25%, diving to $5.24. However, the asset bounced back, and crypto’s overall market followed suit. On Nov. 24, TON even peaked at a sweet $6.32.

In August, Telegram’s bossman, Pavel Durov, found himself in hot water in France. French cops detained him over alleged wrongdoings by his messaging service. News outlets say cops nabbed Pavel right after he landed his private ride at Le Bourget airport. A few days later, he was slapped with criminal charges and wasn’t allowed to leave France. The dude had to cough up $5.5 million bail to get out of the clink.

Later on, Durov seemed dumbfounded by the French arrest, pointing out that Telegram has a EU rep to handle law enforcement and regulatory stuff. He says Telegram is ready to bid farewell to markets that don’t align with their principles.

Telegram, now based in Dubai, boasts a pretty big user base, passing a monthly active users count of 950 million in 2024, making it one of the top five most downloaded apps. That’s pretty rad, if you ask me!