Telegram Increases Financial Stability Thanks to Toncoin
Date: 2024-11-26 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
According to the documents, in the first six months of 2024, the value of Telegram's digital assets grew to $1.3 billion, compared to $400 million at the end of 2023. Such a significant increase was possible due to the growth in the price of the cryptocurrency and successful transactions related to Toncoin.
Telegram's revenue in the first half of the year amounted to $525 million, which is almost three times more than the same period in 2023. About 43% of this amount, namely $225 million, the company received in a one-time deal. Under its terms, Telegram provided small businesses with the opportunity to use Toncoin as an exclusive payment method for advertising in the application. However, the exclusivity agreement expired on October 1, as noted in the reports.
The financial statements also indicate that Telegram owns a significant amount of Toncoin and is affected by changes in its market value. Following Durov's arrest, the cryptocurrency has faced increased volatility. At the time of writing, Toncoin's price has fallen by almost 10% compared to the end of August.
Despite these challenges, the success of Toncoin's deals has provided Telegram with the financial support it needed to continue operating in uncertain times.
