The Open Platform (TOP), a provider of tools for developers in Telegram’s crypto infrastructure, said it raised $28.5 million in an extended Series A round led by Ribbit Capital, with participation from Pantera Capital.
The raise brings TOP’s valuation to $1 billion, making it the first unicorn in the TON (The Open Network) ecosystem, the company said.
The company is building core infrastructure and consumer-facing apps on TON, Telegram’s official blockchain partner, aiming to scale crypto adoption across its global user base. The funding, which pushes TOP’s total capital raised to over $70 million, signals growing investor confidence in Telegram’s blockchain push.
TOP plans to use the capital injection to expand across the U.S., Europe and other markets, investing in compliance, security and go-to-market strategies, it said.
Products that it's developed, or which use its tools, include a Telegram-integrated wallet, non-custodial storage, decentralized exchanges, non-fungible token (NFT) marketplaces and games like the viral tap-to-earn hit Notcoin.
The Open Platform CEO and founder Andrew Rogozov said the company’s goal is to attract a billion users into crypto by leveraging Telegram’s distribution power and TON’s scalability.
The investment follows a wave of institutional interest in TON. Earlier this year, the TON Foundation revealed that investors including Sequoia Capital and Benchmark had acquired $400 million worth of toncoin (TON), the TON blockchain's native token.
Read more: TON Jumps as Foundation Says VC Firms Invested $400M in the Token
