TON Ecosystem's TOP Raises $28.5 Million Valued at $1 Billion

TOP, a leading entity within the TON blockchain ecosystem associated with Telegram, has concluded a $28.5 million Series A funding round, achieving a valuation of $1 billion. This investment was spearheaded by Ribbit Capital, with significant contributions from Pantera Capital. Notably, the investment was made entirely in equity, with no exchange of crypto tokens.

Based in Abu Dhabi, TOP is recognized for developing Telegram’s native crypto wallet. With the infusion of new capital, the company is set to broaden its services into new markets, with a particular emphasis on regions with stringent regulatory environments, such as the U.S. and Europe. CEO Andrew Rogozov highlighted that a substantial portion of the funds will be directed towards establishing legal and operational infrastructure to facilitate this global expansion.

Beyond wallet expansion, TOP intends to invest in blockchain-based games and AI products developed on the TON network. This strategic initiative aims to reinforce TOP’s role in advancing Telegram’s Web3 aspirations. The successful funding round underscores a renewed confidence in the TON ecosystem, which initially raised $1.7 billion in 2018 but encountered legal hurdles from the U.S. SEC. Despite these challenges, TON’s development persisted, leading to its revival in 2023 and Telegram’s renewed support for the network.

Having raised over $70 million to date, TOP is now positioned as a bridge connecting Telegram’s vast user base with the wider realm of decentralized applications. This achievement marks TOP as the first unicorn within the TON-based ecosystem on Telegram, demonstrating strong investor confidence in the TON ecosystem. The company’s strategic investments and global expansion plans are expected to drive substantial growth and innovation in the blockchain industry.