Telegram held $400 million in digital assets, generated significant crypto revenues in 2023: report

Telegram, the messaging popular among crypto enthusiasts, held $400 million in digital assets at the end of 2023, according to a report from the Financial Times.

In the report, which cites copies of Telegram's 2023 financials, it also appears a large portion of the messaging app's revenues were generated from digital asset-related activities, listed under the categories of “integrated wallet” and “sale of collectibles."

The two line items totaled nearly $148 million in revenue, about 40% of Telegram's annual revenue. "Integrated wallet is a software program that allows users to store, send, receive and trade crypto assets," according to the report.

Pavel Durov, the founder and CEO of Telegram, was indicted this week by a French court on charges Telegram's tools and services have aided illicit activities.

Telegram did not immediately respond to a request for comment.

Toncoin and collectibles

Concerning the "sale of collectibles," the report goes on to say: "The Group sells different collectibles (usernames, virtual phone numbers) to its users. The related revenue is recognized at a point in time when the collectible is assigned to the user. The Group also enables the sale of collectibles between users and receives the fee for facilitating the sale."

Financial Times also said that at one point, Telegram sold a large number of Toncoin tokens ahead of the cryptocurrency's price decline. Toncoins are based on the TON blockchain, a protocol closely associated with Telegram.

When reviewing Telegram's financials, the Financial Times article calls into question Durov, saying the messaging app he owns is worth at least $30 billion. Durov owns 100% of Telegram, with $2.3 billion in external funding from convertible bonds owned by "sovereign wealth funds, hedge funds, and tech-focused investors," the article said.

Telegram recently reported having nearly 1 billion users, although it's unclear how many bots are active on the platform. The app has become an increasingly popular platform for crypto games like Notcoin and Hamster Kombat in recent months. The games utilize the TON blockchain.