TOP Raises $28.5 Million at $1 Billion Valuation for Global Expansion

The Open Platform (TOP), a key developer for the Telegram-backed TON blockchain, has raised $28.5 million in a Series A round, bringing its valuation to $1 billion. The funding will expand TON’s wallet and apps into the U.S. and European markets.

Telegram-Linked Crypto Startup TOP Becomes Unicorn with Latest Raise

Telegram’s growing blockchain ambitions just got a major boost. The Open Platform (TOP), the core development team behind the popular “Wallet in Telegram” and other apps on The Open Network (TON), announced a $28.5 million Series A funding round at a $1 billion valuation.

Led by fintech investor Ribbit Capital with participation from crypto heavyweight Pantera Capital, the round gives investors roughly 5% equity in the company. TOP is central to bringing blockchain into Telegram’s billion-user ecosystem, especially outside the U.S. and Europe where its crypto wallet is already integrated into the messaging app’s main menu.

With this latest funding, TOP plans to expand those integrations into Western markets, where compliance and infrastructure costs are steep, and to incubate new TON-based products, including blockchain games and artificial intelligence (AI) tools.

The investment signals growing VC enthusiasm for Telegram’s crypto-linked ecosystem, fueled in part by TON’s surging adoption. TON Foundation previously reported $400 million in backing from firms like Sequoia, Draper Associates, and Benchmark.