The Open Platform (TOP), a blockchain company developing infrastructure and applications on the TON network, has announced the successful raise of $28.5 million in a Series A funding round. With a valuation reaching $1 billion, TOP has become the first Web3 unicorn in the Telegram ecosystem.
The round was led by venture capital firm Ribbit Capital, with participation from Pantera Capital—one of the world’s largest crypto investment funds. Since its founding, TOP has raised a total of $70 million. Notably, the Series A round was equity-only, with no token issuance involved—signaling strong investor confidence in the company’s long-term strategy.
TOP is deeply integrated with Telegram, the messaging platform that boasts over 900 million monthly active users. The company is responsible for developing the official Telegram Wallet and enabling a wide range of Web3 functionalities within the TON ecosystem—from decentralized apps in gaming, AI, and finance, to a robust infrastructure for crypto transactions natively within Telegram.
TOP’s core focus areas include:
- Enabling in-app purchase, storage, and exchange of Toncoin and Bitcoin within Telegram, along with support for P2P payments and integration with dApps;
- Launching viral mini-apps like Notcoin and Hamster Kombat, which have attracted millions of users;
- Targeting high-growth markets in Asia, Africa, and Europe, where Telegram sees its strongest user base;
- Advancing Web3 gaming and Play-to-Earn (P2E) mechanics built on the TON blockchain;
- Strengthening strategic alignment with Telegram and the TON Foundation, with solid backing from Ribbit and Pantera.
The newly raised capital will be used to scale Telegram’s Web3 product suite, develop new services, and expand the company’s global reach. According to analysts, if the TON ecosystem continues its current trajectory, the price of Toncoin could reach $10–12 by the end of 2025.
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