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Home News Crypto

Telegram’s Digital Asset Portfolio Triples to $1.3 Billion, Boosted by Toncoin Sales

26 November 2024
in Crypto, News
Reading Time: 3 mins read
105 4
source: theblock.co

source: theblock.co

Telegram’s digital asset holdings have surged to $1.3 billion in the first half of 2024, up from $400 million at the close of 2023. 

On November 26, the Financial Times reported that Telegram’s crypto holdings have nearly tripled in value, exceeding $1 billion. This increase is attributed to profits from selling Toncoins (TON) and a deal related to The Open Network (TON). These developments provide Telegram with financial stability as its founder faces legal challenges. Previously, the platform had reported around $400 million in crypto.

In the first half of 2024, Telegram generated $525 million in revenue, representing a 190% increase from the same period in 2023. A significant portion, $353 million, was earned from selling cryptocurrency. Additionally, $225 million came from an undisclosed deal related to TON tokens being the exclusive payment method for ads, which was terminated on October 1.

Telegram possesses a significant amount of TON, which makes the company vulnerable to market fluctuations. Recently, the price of Toncoin (TON) saw a sharp decline of 15%, dropping to $5.48 following the arrest and detention of CEO Pavel Durov in France for a preliminary investigation into Telegram’s alleged involvement in criminal activities. This incident triggered a swift reaction from traders, resulting in a 32% increase in open interest, which reached $303.09 million.

This news aligns with a report from Bitget’s research arm, highlighting The Open Network (TON) as a growing competitor to Ethereum. The report notes that TON has experienced impressive growth, with daily transactions increasing from 100,000 to 1.2 million and its total value locked (TVL) rising 18-fold to $350 million. Additionally, the launch of the Dogs (DOGS) token on TON, inspired by a sketch of a dog from Telegram co-founder Pavel Durov, attracted over 53 million users, with 42.2 million deemed eligible for the token.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: CryptoTelegramTON
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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