The Open Platform Raises $28.5 Million, Becomes First TON-Based Unicorn

The Open Platform, a leading tech company developing Web3 innovations in Telegram, has successfully completed its Series A and subsequent extension funding rounds, achieving a $1 billion valuation. This milestone makes The Open Platform the first unicorn in the TON-based ecosystem within Telegram. The Series A funding round raised $28.5 million, led by Ribbit Capital, with participation from Pantera Capital. Including previous seed investments, The Open Platform has now secured over $70 million in total funding. This significant investment underscores the confidence of leading investors in The Open Platform’s ability to drive the growth of the blockchain ecosystem in Telegram, which is built on the TON Blockchain—a fully decentralized and highly scalable blockchain that is the exclusive blockchain partner of Telegram Messenger.

The strategic focus of The Open Platform is currently on geographical expansion. The involvement of prominent investors and the newly raised capital will support the launch of TOP’s portfolio companies across the U.S., EU, and other key regions. This expansion will involve substantial investments in go-to-market strategies, regulatory licensing, compliance infrastructure, and security enhancements. These efforts are aimed at ensuring sustainable growth and long-term success in these new jurisdictions, aligning with the global vision of the TON Foundation.

Andrew Rogozov, CEO and Founder of The Open Platform, highlighted the significance of this investment in supporting the long-term strategy to scale the adoption of blockchain-based products. By leveraging Telegram as a distribution channel and combining it with the TON Blockchain, The Open Platform is building both the infrastructure and consumer-facing apps needed to onboard a billion users to crypto. The Open Platform is driving the growth of the TON-based ecosystem within Telegram, developing core infrastructure and consumer-facing apps across finance, gaming, and entertainment. Some of the notable products powered by The Open Platform include Wallet in Telegram, a digital asset solution seamlessly embedded into Telegram’s interface; Tonkeeper, TON’s leading non-custodial crypto wallet; STON.fi, the leading swap dApp on TON and the developer of a liquidity aggregation protocol, Omniston; Getgems, TON’s foremost NFT marketplace; Tribute, a monetization platform for creators in Telegram; and Notcoin, a viral Tap-to-Earn game, among many others.

By integrating blockchain technology into everyday digital experiences, The Open Platform is creating a seamless, scalable platform designed for a billion users. This initiative aims to accelerate the mainstream adoption of crypto, expanding global access to financial services, and enabling a new generation of builders and developers to create the next wave of consumer dApps. The latest investment from Ribbit Capital and Pantera Capital is a testament to the potential these investors see in integrating blockchain technology into a messenger application with over a billion users. Ribbit Capital, known for its early-stage investments in companies like Coinbase, Nubank, and Revolut, and Pantera Capital, have both expressed their excitement in supporting The Open Platform’s vision of building an intuitive and open platform within Telegram.

Micky Malka, Founder of Ribbit Capital, stated, "We back teams that reimagine how the world experiences money and technology. The Open Platform’s vision of building an intuitive and open platform that enables a robust digital ecosystem to form within Telegram — a platform used by hundreds of millions — opens a new frontier of opportunities for builders and users on a global scale.” Ryan Barney, Partner at Pantera Capital, added, “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. We’re excited to collaborate with the TOP team and strengthen our commitment to TON and Telegram’s ecosystems.”

TON Blockchain has garnered increased institutional interest throughout the year. In March, the TON Foundation announced that several leading investors, including Sequoia Capital, Ribbit Capital, Benchmark, Draper Associates, Kingsway, Vy Capital, Libertus Capital, CoinFund, SkyBridge, Hypersphere, and Karatage, have acquired and now hold $400 million worth of Toncoin. This signals growing interest in the TON-based ecosystem within Telegram. The Open Platform is at the forefront of this ecosystem, fueling the Telegram economy through both foundational infrastructure and consumer-facing apps. By integrating blockchain technology into day-to-day digital experiences, The Open Platform is building a seamless, scalable platform designed for a billion users, accelerating the mass adoption of crypto.