DeFi

Toncoin

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<div class="intro-text"> 
 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.&nbsp; 
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On November 26, the Financial Times <a style="color: #0000ff;" href="https://www.ft.com/content/a48acdae-6a6c-4073-894f-89ef5cf8b185">reported</a> 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 <a style="color: #0000ff;" href="https://finance.yahoo.com/news/telegrams-financial-statement-reveals-400m-062201138.html">reported</a> 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 <a href="https://defi-planet.com/2024/08/telegram-ceo-pavel-durovs-arrest-sparks-15-drop-in-tons-value-as-market-reacts/">arrest</a> 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 <a style="color: #0000ff;" href="https://defi-planet.com/2024/09/ton-is-a-potential-ethereum-rival-but-it-needs-to-de-telegramize-new-bitget-research-report/">research</a> 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. 
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The post <a href="https://defi-planet.com/2024/11/telegrams-digital-asset-portfolio-triples-to-1-3-billion-boosted-by-toncoin-sales/">Telegram’s Digital Asset Portfolio Triples to $1.3 Billion, Boosted by Toncoin Sales</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

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

DeFi Planet

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