Telegram, the globally popular messaging platform, has solidified its position in the cryptocurrency industry, securing $225 million from a single deal involving its native cryptocurrency, Toncoin.
Telegram’s venture into the cryptocurrency space began in 2018 with founder Pavel Durov’s release of a whitepaper for the Telegram Open Network (TON). The vision was to create a blockchain that could seamlessly integrate with Tele.gram, enabling fast and scalable transactions for its massive user base.
This initiative attracted significant interest, raising $1.7 billion through an initial coin offering (ICO). Since then, Telegram has leveraged its platform to onboard millions into the cryptocurrency ecosystem.
The deal, which brought Telegram $225 million, granted exclusive rights to Toncoin as the sole currency for small businesses to purchase advertising on a yet-to-be-disclosed app. This agreement not only elevated Toncoin’s utility but also contributed significantly to Tele.gram’s financial performance, representing almost half of its $525 million revenue during the same period.
In the first half of 2024, Telegram facilitated $353 million in cryptocurrency transactions, resulting in a post-tax profit of $335 million, further demonstrating the growing importance of crypto to its operations.
Mini Apps: Telegram’s Game-Changer
Tele.gram’s Mini Apps, or Telegram Web Apps, play a pivotal role in its strategy. These lightweight applications, integrated directly into the messaging platform, allow users to perform a range of tasks without additional downloads.
Popular in the Play-to-Earn gaming sector, Mini Apps have hosted blockchain-powered projects like Hamster Kombat, Tapswap, and Notcoin, driving increased activity on Tele.gram’s TON blockchain. This innovation has established TON as one of the busiest blockchains of 2024, further cementing Tele.gram’s dominance in blockchain integration.
Telegram’s impressive financial performance continues despite recent legal challenges, including the arrest of founder Pavel Durov in August 2024 over alleged illicit activities on the platform. After his release on bail, Tele.gram reassured stakeholders that these issues had no “material effect” on operations.
Notably, The digital assets have soared to approximately $1.3 billion, a sharp rise from $400 million at the close of 2023, driven largely by the sale of Toncoin and other crypto-related ventures.
Tele.gram stands out as one of the few major social media platforms to fully embrace cryptocurrency. While competitors like Facebook and Instagram have been slower to adopt blockchain technologies, Tele.gram’s proactive integration of crypto has positioned it as a pioneer in the space.
Experts predict that as cryptocurrencies gain wider acceptance, Tele.gram’s innovations, including blockchain-based transactions and AI-enhanced security features, will keep it ahead of the curve.
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