Telegram's Blockchain Venture TOP Hits $1B Valuation with $28.5M Funding - What's Next?

Crypto has a new unicorn. The Open Platform (TOP), a leading app developer on Telegram's chosen blockchain, The Open Network (TON), has secured a $28.5 million Series A funding at a staggering $1 billion valuation. This round was led by Ribbit Capital, with Pantera Capital also participating, marking a significant milestone in the integration of crypto into Telegram's billion-user ecosystem.

The Funding Breakdown

• Ribbit Capital and Pantera Capital spearheaded the investment, acquiring approximately 4% and 1% of TOP's equity, respectively.
• The funding excludes cryptocurrency allocations, focusing solely on equity.
• To date, TOP has raised over $70 million across various funding rounds.

Why Investors Are Betting Big

Telegram's massive user base of over one billion users presents a lucrative opportunity for crypto integration. "The opportunity to support groundbreaking tech and financial products that reach one billion people is inspiring," remarked Ryan Barney, a partner at Pantera.

The TON and Telegram Saga

• 2018: Telegram raised $1.7 billion for its blockchain project, TON, before facing SEC scrutiny.
• 2020: A settlement with the SEC saw Telegram return over $1.2 billion to investors.
• 2023: Telegram officially endorsed TON as its exclusive blockchain, with TOP emerging as a key developer.

What's Next for TOP?

• Expansion of Wallet in Telegram to the U.S. and Europe, focusing on compliance and operational scalability.
• Incubation of TON-based projects, including blockchain games and AI applications.

Backers and Future Prospects

Early investors include Vy Capital and Dmitry Eremeev, with additional support from Kingsway Capital and Kevin Hu. TOP's strategic positioning within Telegram's ecosystem underscores its potential to redefine crypto accessibility.