TON Development Infra The Open Platform Secures $28.5 Million Series A at $1 Billion Valuation

The Open Platform (TOP), a core developer in Telegram’s TON blockchain ecosystem, has raised $28.5 million in an extended Series A funding round. This new funding brings TOP to a $1 billion valuation, making it the first unicorn in the TON ecosystem.

The round, led by Ribbit Capital with participation from Pantera Capital, involved a 5% equity stake, with Ribbit acquiring 4% and Pantera 1%, without cryptocurrency allocations.

Early backers include Dubai-based Vy Capital, Russia-born investor Dmitry Eremeev, Kingsway Capital, and Kevin Hu, as listed in the Abu Dhabi business registry .

Total funding now exceeds $70 million across multiple rounds, reflecting strong investor confidence in TOP’s vision to integrate blockchain into the global Telegram ecosystem.

“Proud to support Andrew Rogozov (Founder & CEO of TON) and his incredible team in their ambitious vision. TOP is at the forefront of building critical infrastructure and applications for both the TON and Telegram ecosystems. If you are building on TON reach out!,” said Micky Malka, Founder of Ribbit Capital.

Global Expansion and Strategic Vision

The funds will support TOP’s expansion into key markets, particularly the United States and European Union. The company plans to launch new portfolio ventures and further develop its Telegram Wallet, which is already widely used in Russia and Asia.

Investments will also bolster marketing, regulatory licenses, compliance infrastructure, and security enhancements.

TOP aims to develop blockchain-based gaming and AI applications, leveraging Telegram’s infrastructure for consumer-focused decentralized solutions.

“This investment supports our long-term strategy to scale the adoption of blockchain-based products by leveraging the power of Telegram as a distribution channel. By combining TON Blockchain with Telegram’s global reach, we’re building both the infrastructure and the consumer-facing apps needed to onboard a billion users to crypto,” said Andrew Rogozov.

“The opportunity to support groundbreaking tech and financial products that reach one billion people is inspiring,” said Ryan Barney, a partner at Pantera.

Driving TON’s Ecosystem Growth

TOP’s portfolio includes Telegram Wallet, Tonkeeper, STON.fi, Getgems, Tribute, and the viral tap-to-earn game Notcoin, all designed to seamlessly integrate blockchain into everyday digital experiences.

The company is central to the TON blockchain’s growth, which has attracted significant institutional interest. In March 2025, the TON Foundation reported that investors, including Sequoia Capital, Benchmark Ventures, Draper Associates, and Ribbit Capital, hold $400 million in Toncoin, signaling confidence in Telegram’s blockchain ecosystem.

TOP’s strategy builds on Telegram’s earlier crypto initiatives, including the $1.7 billion raise for the Telegram Open Network, which was later settled with the SEC in 2020.

By fostering innovation in finance, gaming, and entertainment, TOP is creating a scalable Web3 platform to accelerate mainstream cryptocurrency adoption, aligning with Telegram’s vision to reach over a billion users.