Recognizing the vast potential that lies in the intersection of social media and blockchain, the messaging platform, Telegram, recently issued $270 million in bonds, as outlined by CEO, Pavel Durov. According to Durov, the company aims to use these considerable funds to sustain its ongoing evolution until it becomes financially stable or, in their words, “we reach the break-even point.”
Currently, Telegram is a hotbed of activity, enrolling an impressive 2.5 million new users daily. Earlier this year, the platform boasted 800 million monthly active users—a statistics only expected to grow—making it one of the prominent players in the messaging service field. However, Durov candidly admitted that in spite of this ‘massive growth’, their profitability remains unresolved; the company’s expenses are increasing simultaneously.
Durov himself has demonstrated a staunch belief in the platform’s prospective growth. The CEO has reportedly invested in around a quarter of the new Telegram bonds, translating into an investment that dwarfs tens of millions. Durov’s dedication and belief in Telegram extend way back, having spent hundreds of millions over the last decade to keep the platform operational.
Telegram is a resounding name in the crypto community, primarily due to the company’s former aspirations to introduce its cryptocurrency token, GRAM. Although these plans were laid to rest, largely due to an SEC lawsuit, the associated spinoff project, Toncoin, continues to be live.
Adding a twist of humor and perhaps a slight hint of self-deprecating sarcasm, Durov stated, “Some people suggested I should have instead bought a house or a jet, but I prefer to stay focused on my work, without ‘owning’ anything (well, apart from Telegram, some Bitcoin and some Toncoin).”
Following this announcement, Toncoin, the associated spinoff project, experienced a slight 1% increase in its value. While a minor fluctuation, it’s a vivid remembrance that the crypto world remains perched on the edge of digital platforms’ every word. It resonates with the belief that as we inch further, giant strides into a digitalized age, the fine line separating classic social media platforms and crypto businesses blurs, leaving onlookers curious about the possible fusion of the two phenomena.
Telegram’s fundraise can be an opportunity or a steep learning curve or both, all depending on the platform’s strategic moves. Will it ascend to its financial zenith or descend into the abyss of cash crunch? Only time will provide the critical answer.
Source: Coindesk
