Abu Dhabi's TOP Raises $28.5 Million Valuing Firm at $1 Billion

The Open Platform (TOP), an Abu Dhabi-based firm, has successfully completed an extended Series A funding round, securing $28.5 million in investment. This round values the company at $1 billion, marking a significant milestone as the first unicorn in the Web3 ecosystem within Telegram. The funding was led by venture capital firms Ribbit Capital and Pantera Capital, with the investment supporting TOP's long-term strategy to scale blockchain product adoption using Telegram’s extensive user base.

TOP specializes in developing applications for the TON blockchain ecosystem, with its primary product being Wallet in Telegram, the official cryptocurrency wallet integrated within Telegram’s messaging platform. Currently operational in Russia and parts of Asia, the wallet aims to expand into the United States, European Union, and additional markets. The proceeds from this funding round will be used to obtain regulatory licensing, build compliance infrastructure, and develop market-entry strategies for these new regions. Additionally, the funds will support the incubation of new TON-based projects, including blockchain gaming applications and artificial intelligence tools.

CEO Andrew Rogozov confirmed that the transaction involved equity only, with no tokens issued. Investors acquired approximately 5% ownership in TOP through this round, bringing the company's total funding to over $70 million across various stages. This investment underscores the confidence in TOP's ability to leverage Telegram’s 900 million users to accelerate crypto adoption globally. By combining TON’s technology with Telegram’s global reach, TOP aims to drive the widespread adoption of blockchain products and services.