The Open Platform Secures $28.5 Million in Series A Funding Led by Ribbit Capital

The Open Platform, a prominent developer of blockchain applications for the messaging app Telegram, has successfully completed a $28.5 million Series A funding round. This round was led by Ribbit Capital, with participation from Pantera Capital. The funding round, which accounted for approximately 5% of the company's equity, did not include any allocations of cryptocurrency. This investment brings The Open Platform's total funding to over $70 million across multiple rounds.

The Open Platform, also known as TOP, is a key player in the development of applications for The Open Network (TON) blockchain. TON is closely associated with Telegram, one of the world's most popular messaging apps. The integration of crypto into an app with over one billion users presents a significant opportunity for investors. The large user base of Telegram has attracted the attention of venture capitalists, who see the potential for groundbreaking tech and financial products to reach a vast audience.

The origins of TOP, TON, and Toncoin are complex. In 2018, Telegram founder Pavel Durov raised $1.7 billion by selling a cryptocurrency to support the development of TON. However, in 2019, the Securities and Exchange Commission filed to stop what it alleged was an illegal securities offering. In 2020, Telegram and the regulator reached a settlement, with the messaging app agreeing to return over $1.2 billion to investors and pay an $18.5 million fine. Despite this setback, developers continued to work on the discarded technology behind the scenes, including Andrew Rogozov, the founder and CEO of The Open Platform.

In 2023, Telegram selected a new version of TON as its exclusive blockchain of choice. That same year, Rogozov incorporated The Open Platform in Abu Dhabi. The company is the main developer behind TON’s most prominent crypto wallet, Wallet in Telegram. Outside of the U.S. and Europe, Telegram has integrated the wallet into its main menu, making it available to users in various regions.

Rogozov plans to use the new capital to expand the wallet into the U.S. and Europe. This expansion will require significant investment in compliance, operations, and other related areas. Additionally, the funds will be used to incubate other TON-based projects, including blockchain games and AI applications. In the Series A round, Ribbit Capital acquired about 4% of the company, while Pantera Capital netted around 1%. Early backers of The Open Platform include Dubai investment firm Vy Capital, Russian investor Dmitry Eremeev, Kingsway Capital, and Brevan Howard.