The Open Platform, known as TOP and closely linked to Telegram, has secured $28.5 million in a new Series A funding round. This recent investment values the company at $1 billion. Venture capital firm Ribbit Capital led the round. Pantera Capital also joined the funding effort.
The agreement includes a 5% stake and has nothing to do with cryptocurrency. Top plays an important role in the creation of applications on open networks, TON, and blockchain projects associated with Telegram. The company is responsible for Wallet, the main crypto wallet integrated into the Telegram app.
Telegram’s global reach powers TOP’s vision
Telegram has more than a billion users worldwide. TOP’s purpose is to introduce crypto equipment directly to this huge user base. The money will support the expansion of TOP in the USA and the European markets. The team will focus on fulfilling legal and functional functions in these areas.
Adherence to laws and regulations will require investments in the compliance structure, local business networks, and user support systems. Top plans to expand only from the wallet services. The company aims to create games based on blockchain technology and develop artificial intelligence applications.
These tools operate on the TON blockchain. Robots can place TOP in a significant role in both crypto and new technology areas. The company is based in Abu Dhabi. It was founded in 2023 by Andrew Ruzov. He worked earlier with TON after Telegram stopped pushing on blockchain due to legal lawsuits in the US.
TOP raises funds to boost crypto reach
In 2020, Telegram settled with the Securities and Exchange Commission and repaid the investors with $1.2 billion. Though moving out, Telegram returned into the crypto space in 2023 and selected the revived version of TON as its blockchain. TOP became the lead TON wallet builder and expanded swiftly.
Among its earliest backers are Vy Capital and businessman Dmitry Eremeev. Its other supporters are Kingsway Capital and Kevin Hu. Its combined capital raised is over $70 million. With the new capital, TOP is set to solidify its place within the global crypto sphere.
TOP Telegram link gives it a wide user reach, especially outside Western economies. Its Telegram Wallet is currently available in non-Western states like Russia and Asia. Its entry into other regulated markets is its next step as it develops other products based on blockchain and AI.
