Secure funding of $28.5 million for Telegram's cryptocurrency venture, TOP, marks its emersion as the latest crypto billion-dollar company.
In a significant move for the blockchain industry, The Open Platform (TOP), a pioneering developer of Web3 innovations within Telegram, has secured $28.5 million in a Series A funding round. This investment values TOP at a billion-dollar valuation, making it the first unicorn in the TON-based ecosystem within Telegram.
The funding round was led by Ribbit Capital, a fintech specialist with a strong track record in the financial technology sector. Ribbit Capital's investment in TOP is in line with its strategy of supporting innovative financial technologies that disrupt traditional systems.
Joining Ribbit Capital in this round was Pantera Capital, a crypto-focused venture capital firm with a significant presence in the crypto and blockchain space. Pantera Capital's participation underscores the growing interest in TOP's mission to integrate blockchain technology with Telegram's vast user base.
TOP, formerly known as The Open Platform, was founded by Andrew Rogozov in 2023. Rogozov, with a background in blockchain engineering and app development, envisioned using Telegram's massive distribution channel to accelerate the adoption of blockchain-based products, making cryptocurrency accessible to everyday users.
TOP's core mission is to build consumer-facing applications on Telegram's official blockchain, TON (The Open Network). The company is developing a diverse portfolio of TON-based applications, including blockchain games, NFT marketplaces, a non-custodial wallet named TON-keeper, STON.fi (a decentralised exchange), and AI integrations.
The TON blockchain now supports stablecoins, NFTs, and mini-apps within chats. Daily transactions on the TON blockchain have exceeded 1.2 million, and the total value locked (TVL) in TON has surpassed $350 million.
The funding will enable TOP to expand Wallet's availability to the US and Europe, furthering its goal of onboarding a billion users to cryptocurrency. By embedding these applications directly into Telegram, TOP aims to lower the barriers to entry for Web3 technologies and drive mainstream adoption.
The success of TOP is a testament to the potential of blockchain technology within Telegram and the growing interest from venture capital firms in this space. With the backing of Ribbit Capital and Pantera Capital, TOP is well-positioned to lead the charge in making blockchain technology an integral part of everyday digital communication and commerce.
[1] - https://www.top.org/ [2] - https://ribbitcap.com/ [3] - https://panteracapital.com/ [4] - https://www.techcrunch.com/2021/03/02/ribbit-capital-raises-750m-for-its-fintech-focused-fund/
- Pantera Capital, recognizing TOP's mission to integrate blockchain technology with Telegram, has invested in the company, showing a growing interest in this innovative technology-centric venture.
- As part of its strategy to support financial technologies that disrupt traditional systems, Ribbit Capital, a fintech specialist, has invested in TOP's Series A funding round, aiming to advance the integration of blockchain technology and Telegram's vast user base.
