DeFi researcher Ignas posted on the X platform that 40% of Telegram's revenue streams are related to cryptocurrencies, including integrated wallets (storing, sending, receiving, and trading cryptocurrencies) and the sale of digital collectibles (such as usernames and virtual phone numbers). Overall, Telegram had revenue of $342.50 million in 2023, but still ended the year with a loss of $108 million. However, its balance sheet shows that it has nearly $400 million in cryptocurrency holdings (TON), which is more than their cash holdings.