Much of the revenue generated by messaging app Telegram reportedly came from crypto assets.
A new one report from The Financial Times shows that by 2023, more than 40% of the revenue the company generated came from its integrated wallet and collectibles sales.
Telegram sells collectibles and offers integrated wallet services in exchange for Toncoin (TON), the token of the layer-1 blockchain The Open Network that the platform originally created in 2018 but is now managed by an open-source community of developers.
The company’s financial statement shows that the platform’s wallet generated $130 million in revenue, while collectibles sales totaled $17.8 million. Additionally, it was found that Telegram posted $342.5 million in revenue but suffered an operating loss of $108 million.
Telegram also owns nearly $400 million in digital assets, or more than half of the $774.2 million recorded under fixed assets.
According to the report, Telegram invests in digital assets over the long term with the intention of selling them after making significant profits.
Telegram founder and CEO Pavel Durov was recently arrested in France, but is now out on bail. reports CNN.
He is under investigation for allegations of failing to prevent the spread of illegal content on the messaging platform, including content related to drug trafficking and other illegal activities.
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Featured image: Shutterstock/Klavdiya Krinichnaya