The Open Platform, or TOP, has closed a new $28.5 million Series A funding round, led by Ribbit Capital. Pantera Capital also joined the round and gave the blockchain developer the $1 billion valuation and unicorn status as well.
Founder and chief executive Andrew Rogozov also confirmed the round as closed, minus cryptocurrency allocation, with 5% equity covered. TOP has so far raised over $70 million in multiple rounds as it continues its development of apps for The Open Network (TON).
TON is the Telegram-related blockchain and has attracted great hype as the application’s global users have exceeded one billion people worldwide. Rogozov has positioned TOP as the primary creator of the most distinguishable of the features of the TON blockchain, Wallet in Telegram.
The built-in wallet of Telegram is active in Russia and Asia and has a strong presence in most other regions outside the United States and Europe. With the new funding round, Rogozov plans to expand into Western markets and will spend substantially on regulatory compliance and operational preparation.
He will allocate funds to infrastructure and the development of a legal framework for launching in the U.S. and Europe.
TOP and TON evolve after regulatory Crypto setback
TOP, TON, and Toncoin all stem from an advanced system shaped by pre-existing regulatory challenges. In 2018, Telegram raised $1.7 billion in a cryptocurrency offering to create the TON, but the SEC halted the venture in 2019 for securities law infringement.
Upon settlement in 2020 with the return of the $1.2 billion to investors and the payment of an $18.5 million settlement award, Telegram backed out. However, individual programmers such as Rogozov continued to develop the TON technology from new paradigms.
Until 2023, Telegram announced a revamped version of the TON as its official blockchain as part of Rogozov’s Abu Dhabi launch of TOP. The company now leads crypto integration for Telegram users worldwide and has intentions of doing more. Its other plans include blockchain-enabled games and AI utilities within the TON network.
Dubai-headquartered Vy Capital and investor Dmitry Eremeev are among the early investors, along with Kingsway Capital. Kevin Hu and not Brevan Howard, is mentioned as an investor according to Abu Dhabi corporate filings.
