The messenger’s rising cryptocurrency holdings have helped buoy it amid CEO Pavel Durov’s authorized woes
Messaging app Telegram posted important monetary progress within the first half of the 12 months, with revenues pushed by robust efficiency in its cryptocurrency holdings, the Monetary Occasions (FT) has reported, citing the platform’s disclosures. The beneficial properties have buoyed the messenger amid the authorized challenges going through CEO Pavel Durov, the outlet famous.
The messenger’s digital property rose to $1.3 billion in January-June from almost $400 million on the finish of final 12 months, the FT wrote on Tuesday, citing unaudited monetary statements. The worth of Toncoin, Telegram’s personal digital token, greater than tripled over the acknowledged interval, in line with buying and selling information.
The crypto beneficial properties helped create a monetary buffer for the Dubai-based firm simply earlier than it was shaken by Durov’s arrest in France in August, the FT famous.
Telegram’s revenues have been up 190% from the primary half of final 12 months, amounting to $525 million, in line with the paperwork. Almost half of the revenue got here from a one-time cope with an unnamed get together, which allowed Toncoin to be the unique methodology for small companies to purchase promoting on the app, defined the publication. The exclusivity settlement was terminated on October 1, it added.
Revenues from premium subscriptions almost quadrupled, and promoting revenues roughly doubled within the first six months of 2024, in line with Telegram’s monetary disclosures.
Russian tech entrepreneur Durov, who additionally has French, UAE, and Saint Kitts and Nevis citizenship, was arrested after touchdown in Paris in late August and charged with a number of offenses, together with complicity in distributing youngster porn, drug dealing, and cash laundering. The costs stem from the accusation that Telegram’s lax moderation guidelines enable for the widespread misuse of the messenger service.
Durov was later launched on bail of €5 million ($5.5 million) in early September, however has been banned from leaving France whereas his case is ongoing. A few of the costs in opposition to him may carry sentences of as much as ten years.
The businessman has vehemently denied the accusations. Durov revealed final month that the messenger service had been complying with privateness insurance policies in a number of international locations and had been disclosing details about criminals to authorities for the previous six years.
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