The Open Platform (TOP), one of the most important developers in the Telegram Web3 ecosystem, has completed a successful Series A financing round, raising $28.5 million and achieving a valuation of $1 billion. It was funded by fintech investment firm Ribbit Capital, and Pantera Capital. The round was an equity round without any cryptocurrency allocations. Ribbit bought 4% of the company with Pantera at about 1%.
This growth makes TOP the first unicorn in Telegram Web3. Established in 2023 by Andrew Rogozov, the company focuses on central roles in the creation of products using the blockchain of The Open Network (TON), which Telegram has made the official blockchain infrastructure.
Strategic Role in TON and Telegram Integration
The main developers of Wallet in Telegram, a cryptocurrency wallet within the Telegram interface, are called TOP. Although it is currently available in markets like Russia and Asia, efforts are underway to extend the functionality of the wallet to the U.S and European markets. This growth will also involve the construction of compliance and operational infrastructure.
TON, which was originally launched by Telegram in 2018, was subjected to regulatory issues and was further reformed on its own. In 2023, Telegram announced TON as its desirable blockchain under the new name Telegram. The Open Platform (TOP) has since established itself as a key stakeholder in the promotion of blockchain integration in the vast global user network of Telegram, which serves a population of more than one billion users.
Future Development and Ecosystem Expansion
Based on the statements of Rogozov, the additional funds will be capitalized to be used to incubate other TON-based projects. Such initiatives will cover a variety of applications, such as blockchain gaming and the use of AI-related ideas.
TOP will scale up its product offering in a bid to ensure increased penetration of technology based on cryptocurrencies into new territories. Among early investors in TOP are Vy Capital, Dmitry Eremeev, Kingsway Capital, and Kevin Hu of Brevan Howard, according to filings in the Abu Dhabi business registry, where the company is based.
