Telegram Blockchain Startup TOP Raises $28.5M at $1B Valuation

The Open Platform (TOP), a leading developer of blockchain applications integrated with Telegram Messenger, has raised $28.5 million in a Series A funding round that values the company at $1 billion, making it the first unicorn in the TON-based Telegram ecosystem. The funding round was led by Ribbit Capital with participation from Pantera Capital, reflecting strong investor confidence in TOP's role in expanding the blockchain ecosystem within Telegram, which boasts over one billion monthly active users globally. TOP develops critical infrastructure such as the 'Wallet in Telegram,' a crypto wallet embedded in the app's interface outside the U.S. and Europe, facilitating crypto transactions and supporting decentralized exchanges, NFT marketplaces, and blockchain games. The new capital will primarily support TOP’s expansion into the U.S. and European markets, focusing on regulatory compliance, operational infrastructure, and growth of portfolio companies aligned with TON Foundation’s global vision. TON blockchain, originally initiated by Telegram in 2018 before regulatory setbacks with the SEC, remains Telegram's exclusive blockchain partner, with TOP now spearheading development efforts and crypto adoption on the platform. Investors highlight the significant opportunity to build financial products reaching Telegram's vast user base, while the TON ecosystem has attracted over $400 million in VC investments, underscoring the growing momentum in Web3 technologies tied to Telegram.