The Open Platform Raises $28.5 Million, Achieves $1 Billion Valuation
The Open Platform (TOP) has raised $28.5 million in an extended Series A round led by Ribbit Capital, with participation from Pantera Capital. This funding increases TOP's valuation to $1 billion, making it the first unicorn in the TON ecosystem.
Key points include:
- TOP focuses on building infrastructure and apps on Telegram’s official blockchain partner, TON.
- Total capital raised exceeds $70 million, indicating rising investor confidence in Telegram’s blockchain initiatives.
- Funding will support expansion into U.S., European, and other markets, enhancing compliance, security, and market strategies.
- Products developed include a Telegram-integrated wallet, decentralized exchanges, NFT marketplaces, and games like Notcoin.
- CEO Andrew Rogozov aims to onboard a billion users into crypto using Telegram’s distribution capabilities and TON’s scalability.
This investment aligns with increasing institutional interest in TON, which earlier saw investors like Sequoia Capital acquire $400 million in TON.