Telegram Wallet Developer TOP Raises $28.5 Million Valuation Hits $1 Billion

The Open Platform (TOP), the developer behind Telegram's wallet, has successfully secured $28.5 million in a new funding round, achieving a valuation of $1 billion. This significant milestone marks TOP as the first unicorn in the Web3 ecosystem within Telegram. The funding round was led by Ribbit Capital and Pantera, with the proceeds earmarked for expansion and further development of the platform. This investment underscores the growing interest and confidence in the potential of blockchain technology and decentralized applications, particularly those integrated with popular messaging platforms like Telegram. The achievement highlights the increasing recognition of the value and potential of blockchain-based solutions in the broader technology landscape.

TOP is the developer behind “Wallet in Telegram,” the self-custody crypto feature already embedded into the app’s interface in Russia, Asia, and other international markets outside Europe and the U.S. With the new funding, Rogozov said the team plans to bring the Telegram wallet to Western users. “We need to support everything related to compliance, operations and stuff, right?” he said. “That’s very expensive to build.” TOP also aims to invest in new TON-based projects, including blockchain gaming and AI-driven applications. These tools will run inside Telegram using the TON blockchain.

The TON blockchain was originally developed by Telegram in 2018. That year, Telegram raised $1.7 billion to build the Telegram Open Network by selling a cryptocurrency to investors. In 2019, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Telegram, claiming the raise violated securities law. By 2020, Telegram settled the case, agreeing to return over $1.2 billion and pay an $18.5 million fine. Although Telegram stepped back from the project after the settlement, developers like Rogozov continued working on the blockchain. In 2023, Telegram officially chose TON as its exclusive blockchain. That same year, Rogozov incorporated TOP in Abu Dhabi, where the company is based.

In March 2025, the TON Foundation revealed that several major firms—including Sequoia Capital, Benchmark Ventures, Draper Associates, and Ribbit Capital—acquired $400 million worth of Toncoin, the native cryptocurrency of the TON blockchain. These investments followed Telegram’s efforts to expand its blockchain tools. TOP, as the main developer of the Telegram wallet, is now central to these developments. In a press release, Pantera Capital partner Ryan Barney referred to Telegram’s large user base as a reason for investing.

TOP is building the Telegram wallet and expanding it into new geographies. The wallet allows Telegram users to manage crypto assets without leaving the app. As of now, the wallet is embedded in Telegram’s main menu in supported countries. The company’s next step is to bring this service to more regions, including North America and Europe. TOP is also working on supporting blockchain tools inside Telegram. These include TON mini apps, games, and tools built around Toncoin payments and storage.