The Open Platform (TOP), a key contributor to The Open Network (TON) ecosystem, has announced the completion of its Series A funding round. The project raised $28.5 million, achieving a valuation of $1 billion and making it the first unicorn within Telegram’s crypto environment.
This investment round was led by Ribbit Capital and brings the total funds raised by TOP to over $70 million. The company plans to use the new capital to expand its operations into new geographic markets, with a particular focus on the United States and Europe.
Major Funding for TON Ecosystem Development
The Open Platform has played a central role in developing core infrastructure for the TON blockchain. Among its notable contributions are Wallet in Telegram, the first native cryptocurrency wallet integrated directly into Telegram, and TON Connect, a protocol that allows users to interact with external decentralized applications.
Other significant products developed by TOP include the NFT marketplace Getgems and the token swap protocol STON.fi. These tools have been instrumental in bringing decentralized applications to Telegram’s massive user base.
CEO Andrew Rogozov emphasized that the company’s deep understanding of both TON and Telegram has positioned it as a leading force in the ecosystem. The latest funding will help accelerate its mission to drive mainstream adoption of cryptocurrency.
Strategic Expansion into New Markets
TOP’s expansion strategy is built on three core pillars: product development, legal compliance, and infrastructure support. The company aims to scale consumer applications such as payment solutions, games, and creator tools that are deeply embedded within Telegram.
“With the support from our recently announced funding round, we’re now positioned to enter new markets and operate in more jurisdictions,” Rogozov stated. “This year, our immediate focus is expanding into the U.S. and Europe.”
On the legal and infrastructure side, the firm plans to support regional developers and collaborate with local partners to ensure that all products meet regulatory standards. This approach is essential for sustainable growth in diverse markets.
The Rise of Telegram’s Crypto Ecosystem
The TON blockchain has seen a significant increase in user engagement over the past year, partly fueled by the popularity of tap-to-earn games like Notcoin and Hamster Kombat. These games introduced millions of users to blockchain technology through simple, interactive experiences within Telegram.
Earlier this year, Telegram officially designated TON as its exclusive blockchain network, barring integrations with other networks. This move has created a more aligned and focused environment for developers building on Telegram.
Rogozov believes that this exclusive partnership has strengthened TOP’s position and validated its strategy of developing products tailored to TON and Telegram’s unique distribution capabilities.
Goals for the Future
Over the next 12 months, TOP aims to demonstrate real adoption of its technology. The company hopes to see millions of users engaging with consumer applications built on TON directly within Telegram.
Success will be measured not just by user numbers, but by the depth of engagement and the practicality of the applications being offered. From payments and gaming to NFTs and decentralized trading, TOP is focused on creating usable and accessible crypto products.
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Frequently Asked Questions
What is The Open Platform?
The Open Platform is a development group focused on building protocols and applications on The Open Network (TON). It is behind major products like Wallet in Telegram and the Getgems NFT marketplace.
How does TON integrate with Telegram?
TON is the officially supported blockchain network within Telegram. It enables features like in-app wallets, NFT marketplaces, and decentralized applications, all accessible without leaving the messaging platform.
What are some popular TON-based applications?
Notable examples include Notcoin and Hamster Kombat, both tap-to-earn games, as well as STON.fi for token swaps and Getgems for NFT trading. These apps leverage Telegram’s vast user base for accessibility.
Why is TOP expanding to the U.S. and Europe?
These regions represent significant markets with strong regulatory frameworks and high user engagement. Expanding there allows TOP to adapt its products to local demands and compliance requirements.
What does “unicorn” status mean for a startup?
A unicorn is a privately held startup company valued at over $1 billion. Achieving this status signals market confidence, operational success, and growth potential.
How can users access TON-based apps?
Most TON applications are available directly within Telegram. Users can access wallets, games, and trading platforms through the app’s interface, often without needing prior cryptocurrency experience.