Telegram CEO Pavel Durov disclosed his investments in the cryptocurrency market, including Bitcoin (BTC) and Toncoin (TON), as well as key advances within his firm.
While expressing his delight for the messaging platform’s development and financial prospects, the CEO also revealed his purchase of 25% of newly issued Telegram bonds, demonstrating his continued dedication to the company’s success.
Durov’s statement on the main messaging platform’s channel on Tuesday highlighted the instant messaging service’s incredible success, with over 800 million monthly active users and 2.5 million new sign-ups every day.
While the messaging platform has yet to profit, Durov declared confidence that the company is on its way to profitability, outnumbering competitors such as Twitter and Snap in absolute numbers.
Telegram has issued $270 million in bonds to accelerate development and reach profitability. Despite the fact that Durov did not name the exact investors, he promised that they are prestigious funds with flawless credentials. Durov purchased one-quarter of these bonds, expressing his confidence in the company’s future.
Additionally, Durov underlined his interests in Bitcoin and Toncoin without disclosing the precise worth of his assets.
Toncoin, formerly known as TON (Telegram Open Network), was created by the Durov brothers, Pavel and Nikolai.
Notwithstanding legal challenges from the US Securities and Exchange Commission (SEC), the brothers made the Toncoin source code public for volunteers to keep developing the blockchain project.
Although Telegram’s official backing for Toncoin has been halted, its open methodology enables ongoing development efforts by eager individuals.
The SEC lawsuit influenced this choice, which caused delays in the TON project’s launch, pushing it back to at least October 2019.
Pavel Durov’s persistent commitment to the messaging platform’s expansion and financial success is demonstrated by his significant personal investments and ongoing assistance.
His strategic bond purchase, as well as the significant financial resources formerly allocated to Telegram, demonstrate his commitment to propelling the messaging service to new levels.
Telegram is primed for further success and innovation in the competitive digital business, with a fast-growing user base and an outstanding CEO.
Pavel Durov’s daring efforts and forward-thinking approach position Telegram as an entity to be considered in the ever-changing field of cryptocurrencies and messaging platforms.
Users can expect an even more comprehensive and feature-rich Telegram experience in the coming days as the company navigates hurdles and invests in its growth.
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