TLDR
- TOP hits $1B valuation with $28.5M raise, leads Telegram’s TON blockchain push.
- Telegram’s blockchain ally TOP becomes first TON unicorn after Series A round.
- TOP secures $28.5M, eyes U.S. and EU growth as TON’s core app developer.
- Ribbit, Pantera back TOP in $1B TON bet, no tokens—only equity this round.
- TOP powers Telegram’s crypto future, expands wallet, games, and dev support.
TOP, a core developer in the TON ecosystem, secured a $28.5 million Series A round, reaching a $1 billion valuation. The Open Platform (TOP) builds essential tools and consumer-facing apps for Telegram’s blockchain infrastructure. With this round, TOP has become the first unicorn in the TON network and plans to expand its global reach.
Series A Round Lifts TOP to Unicorn Status
TOP closed its Series A funding with participation from Ribbit Capital and Pantera Capital, selling around 5% of its equity. The Abu Dhabi-based company now holds over $70 million in total funding across multiple rounds. This round did not involve any token allocations and remained strictly equity-based.
We’re proud to become the first unicorn in Web3 ecosystem in Telegram, reaching a $1B valuation in the latest equity funding round.
This milestone was made possible thanks to trust of @RibbitCapital and @PanteraCapital.
“This investment supports our long-term strategy to scale… pic.twitter.com/VCUC1TcXTS
— The Open Platform (@topdotco) July 3, 2025
Ribbit Capital acquired 4% equity while Pantera Capital gained 1%, based on CEO Andrew Rogozov’s breakdown of the funding structure. With Telegram’s global reach, TOP aims to become the primary bridge between crypto services and mainstream users.
The funding will support TOP’s expansion into the U.S. and Europe, focusing on compliance, licensing and operational infrastructure. This includes strengthening regional onboarding processes and regulatory frameworks. TOP also plans to support developers working on TON through infrastructure and capital.
TOP Builds Core Apps for TON’s Growing Ecosystem
TOP remains at the center of Telegram’s blockchain strategy as the leading developer on The Open Network (TON). It maintains and develops products that integrate seamlessly into Telegram, including its crypto wallet and decentralized services. The platform’s tools power various applications such as decentralized exchanges, storage, NFT platforms and tap-to-earn games.
TOP is also behind “Wallet in Telegram,” embedded in the app’s main menu outside the U.S. and Europe. The wallet offers direct access to Toncoin and blockchain services from within the Telegram app.
TOP also supports high-engagement apps like Notcoin, which went viral for its simple token-earning mechanism. The platform aims to build a broader ecosystem of apps using Toncoin as the default currency. Rogozov’s team will also use the funding to incubate new projects in gaming and AI on the TON blockchain.
TON’s Development History and Market Momentum
TON began as Telegram’s in-house blockchain project but faced legal challenges after raising $1.7 billion in 2018. In 2020, the SEC halted the original project, leading to Telegram returning over $1.2 billion to contributors..
Telegram officially endorsed a revived version of TON in 2023 and named it its exclusive blockchain. Rogozov founded TOP in Abu Dhabi to lead development efforts. TOP now serves as the main infrastructure provider within TON, building scalable tools for global adoption.
Toncoin, the network’s native token, currently fuels a growing ecosystem of apps and services. The TON Foundation recently disclosed that firms like Sequoia and Benchmark purchased $400 million worth of Toncoin. This development signals growing institutional interest in Telegram’s blockchain alignment with TOP’s efforts.
