Telegram’s financial statement reveals $400 million in digital assets: over 40% of the company’s revenue in 2023 comes from cryptocurrency-related ventures.
A Financial Times report revealed Telegram‘s financial statement for 2023. The report shows that the messaging platform generated $342.5 million in revenue in 2023, while recording an operating loss of $108 million. Approximately 40% of its revenue came from activities related to digital assets, particularly through the integrated wallet and the sale of collectibles.
The integrated wallet is a feature that allows Telegram users to store, send, and receive digital assets. This functionality contributes to the platform’s revenue by facilitating transactions. Telegram also generates income through the sale of collectibles, including usernames and virtual phone numbers, earning commissions from these transactions.
The company’s financial statement shows that the platform’s integrated wallet generated $130 million in revenue, while collectible sales amounted to $17.8 million.
Telegram also holds nearly $400 million in digital assets, which accounts for more than half of the $774.2 million recorded under assets on the balance sheet.
Funding and downloads
Since its inception, Telegram has raised over $4 billion in funding. According to Statista, the app recorded $11.66 million in in-app revenue in the first two months of 2024. In 2023, India led Telegram downloads with 83.85 million users, while the United States accounted for 29.92 million downloads.
On August 24, Pavel Durov, CEO of Telegram, was arrested at Le Bourget airport near Paris on charges including terrorism, conspiracy, fraud, and money laundering. Legal proceedings continued with a court hearing on August 28.
