Telegram CEO Pavel Durov, in a recent interview, revealed his investments in the cryptocurrency market, including Bitcoin (BTC) and Toncoin (TON), alongside significant developments within his company.
As the CEO expressed his enthusiasm for Telegram’s growth and financial prospects, he also disclosed his purchase of 25% of freshly issued Telegram bonds, further solidifying his commitment to the company’s progress.
Durov’s message on the official Telegram channel on Tuesday highlighted the remarkable success of the instant messaging service, with a staggering user base of over 800 million monthly active users and a staggering 2.5 million new sign-ups daily. While Telegram has yet to profit, Durov confidently stated that the company is edging closer to profitability, surpassing competitors like Twitter and Snap in absolute numbers.
Telegram issued $270 million in bonds just this week to expedite development and achieve profitability. Although Durov did not disclose the specific investors, he assured that they are esteemed funds with impeccable reputations. Durov acquired a quarter of these bonds, indicating his investment in the company’s future.
Furthermore, Durov emphasized his stakes in Bitcoin and Toncoin, refraining from revealing the exact value of his holdings. Toncoin, initially known as TON (Telegram Open Network), originated from the visionary minds of the Durov brothers, Pavel and Nikolai.
Despite encountering legal obstacles due to a lawsuit filed by the United States Securities and Exchange Commission (SEC), the brothers made the Toncoin source code available for volunteers to continue working on the blockchain project.
Although Telegram discontinued official support for Toncoin, its open approach allows for ongoing development efforts from enthusiastic contributors. This decision was influenced by the SEC lawsuit, which prompted delays in the TON project’s launch, pushing it back to at least October 2019.
Pavel Durov’s unwavering commitment to Telegram’s growth and profitability is evident through his substantial personal investments and continuous support. His strategic bond purchase and the substantial financial resources previously allocated to Telegram showcase his determination to propel the messaging service to new heights. With a rapidly expanding user base and a formidable CEO, Telegram, appears poised for continued success and innovation within the competitive tech industry.
In the ever-evolving landscape of cryptocurrencies and messaging platforms, Pavel Durov’s bold initiatives and forward-thinking approach position Telegram as a force to be reckoned with. As the company navigates challenges and invests in its development, users can anticipate an even more robust and feature-rich Telegram experience in the days to come.
