Telegram, a popular messaging service among cryptocurrency enthusiasts, held $400 million worth of digital assets as of the end of 2023, according to a report in the Financial Times.
The report, which cites a copy of Telegram’s 2023 financial statements, found that a significant portion of the messaging app’s revenue came from digital asset-related activities listed under the “integrated wallet” and “collectibles sales” categories.
The combined revenue of the two line items is approximately $148 million, or about 40% of Telegram’s annual revenue. According to the report, “the integrated wallet is a software program that allows users to store, send, receive, and trade cryptocurrency assets.”
Telegram’s founder and CEO, Pavel Durov, was indicted this week in a French court on charges that Telegram’s tools and services facilitated illegal activity.
Telegram did not immediately respond to a request for comment.
Toncoin and Collectibles
Regarding “sales of collectibles,” the report continues: “The Group sells various collectibles (usernames, virtual phone numbers) to users. The related revenue is recognized when the collectibles are assigned to users. The Group also receives a commission for allowing users to sell collectibles and facilitating the sales.”
The Financial Times also reported that Telegram once had a large number of Toncoin 
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Tokens ahead of cryptocurrencies Price drop. Toncoin is based on the TON blockchain, a protocol closely associated with Telegram.
When examining Telegram’s finances, the Financial Times article questioned Durov, saying the messaging app he owns is worth at least $30 billion. Durov owns 100% of Telegram, and the article said it raised $2.3 billion in outside funding from convertible bonds owned by “sovereign wealth funds, hedge funds and technology-focused investors.”
Telegram recently reported that it has nearly a billion users, but it is unclear how many bots are active on the platform. The app has become an increasingly popular platform for cryptocurrency games such as Notcoin and Hamster Kombat in recent months, which utilize the TON blockchain.
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