The Open Platform Secures $28.5 Million in Series A Funding Valued at $1 Billion

The Open Platform, a leading developer of blockchain applications for the messaging app Telegram, has successfully secured $28.5 million in a Series A funding round, achieving a valuation of $1 billion. This investment was spearheaded by fintech specialist Ribbit Capital, with participation from crypto venture capital firm Pantera Capital. The funding round, which accounted for approximately 5% of the company's equity, did not include any allocations of cryptocurrency. This latest round brings the total funding raised by The Open Platform to over $70 million across multiple funding rounds.

The Open Platform, also known as TOP, is a key player in the development of applications for The Open Network (TON), a blockchain closely associated with Telegram. With over one billion users, Telegram's extensive reach has attracted considerable interest from venture capitalists. Investors from Ribbit Capital and Pantera Capital highlighted the potential of integrating crypto into an app with such a vast user base. Ryan Barney, a partner at Pantera, expressed enthusiasm about supporting groundbreaking technology and financial products that can reach one billion people.

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 the Telegram Open Network (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, which has been integrated into the main menu of the app outside of the U.S. and Europe. The wallet is available to users in regions such as Russia and Asia.

Rogozov plans to use the new capital to expand the wallet into the U.S. and Europe, focusing on compliance and operational support, which he noted is very expensive to build. Additionally, the funds will be used to incubate other TON-based projects, including blockchain games and AI applications. In the Series A funding 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 and Dmitry Eremeev, a Russia-born investor. Kingsway Capital and Kevin Hu are also among the company's backers.

This funding round highlights The Open Platform's commitment to expanding its blockchain projects while tapping into Telegram's extensive user base. The significant valuation and uptake demonstrate robust confidence in the ecosystem's future. The TON ecosystem is experiencing rapid growth, with active accounts surging from 4 million to over 41 million. Financial metrics reflect increased on-chain activity, with daily transactions climbing significantly. This fund infusion is a key driver for ecosystem expansion.

There are broader implications for blockchain and technology sectors as developers increase investment in new projects and anticipate potential regulatory overlaps. Financial markets are reacting favorably to these trends, with Toncoin emerging as a direct beneficiary of the growth momentum. Interest in regulatory adjustments reflects ongoing scrutiny of cryptocurrency ventures, with compliance shaping future innovation. This Series A round illustrates institutional faith in blockchain’s transformative potential.