The Open Platform (TOP), a key infrastructure developer for Telegram's TON blockchain, has raised $28.5 million in an extended Series A funding round led by Ribbit Capital with participation from Pantera Capital. This investment values TOP at $1 billion, making it the first unicorn within the TON ecosystem. The funding brings TOP's total capital raised to over $70 million.
TOP builds core infrastructure and consumer applications on The Open Network (TON), Telegram's official blockchain partner, focusing on scaling crypto adoption among Telegram's global user base. The company develops tools powering Telegram-integrated wallets, non-custodial storage solutions, decentralized exchanges, NFT marketplaces, and viral games like tap-to-earn sensation Notcoin.
CEO Andrew Rogozov stated TOP's mission is to onboard one billion users into crypto by leveraging Telegram's distribution network and TON's scalability. The fresh capital will fuel expansion into U.S. and European markets, with investments in compliance, security, and go-to-market strategies.
This funding follows significant institutional interest in TON, including a separate $400 million toncoin (TON) purchase earlier this year by investors like Sequoia Capital and Benchmark. The TON ecosystem currently boasts 41 million active accounts, 121 million TON holders, and $350 million in total value locked (TVL). Ryan Barney, Partner at Pantera Capital, emphasized the opportunity to support "groundbreaking tech and financial products that reach one billion people."