TON developer The Open Platform raises $28.5 million Series A at $1 billion valuation
Powered by ChatGPTThe Open Platform (TOP) raised $28.5 million in an extended Series A equity funding round led by Ribbit Capital, bringing TOP's total funding to $70 million.
TOP provides support for developers building on Telegram's blockchain network, The Open Network. Pantera Capital also contributed to TOP's extended Series A, helping the startup reach a $1 billion valuation and unicorn status among TON-focused startups, according to a release shared with The Block.
TOP plans to use its financing to expand geographically, which entails launching portfolio companies in the United States, European Union, and other areas. In addition, the firm will focus on go-to-market strategies, regulatory licensing, compliance, and other infrastructure tailored to launching in these new regions, the company release continues.
“This investment supports our long-term strategy to scale the adoption of blockchain-based products by leveraging the power of Telegram as a distribution channel," said The Open Platform CEO and founder Andrew Rogozov in a statement. "By combining $TON blockchain with Telegram’s global reach, we’re building both the infrastructure and the consumer-facing apps needed to onboard a billion users to crypto."
The team behind popular messaging platform Telegrambegan exploring blockchain solutions as early as 2018. However, the $TON mainnet didn't go live until approximately May 2021. Since then, the $TON ecosystem has amassed numerous high-profile crypto-based games such as Hamster Kombat and Notcoin that use $TON's native token Toncoin.
"We’re thrilled to back this exceptional team led by Andrew. The opportunity to support groundbreaking tech and financial products that reach 1 billion people is inspiring," said Pantera Capital partner Ryan Barney in a statement. "We’re excited to collaborate with the TOP team and strengthen our commitment to $TON and Telegram’s ecosystems."
Toncoin traded at $2.90 as of publication. In the past 24 hours, Toncoin's price rose 2.22% in value, and the token brought in $174.8 million in trading volume, according to The Block's $TON Price Page. Toncoin's market capitalization sits at $7.2 billion, making it the 22nd largest cryptocurrency by that metric.