The Open Platform Raises $28.5 Million, Expands into Crypto Wallets

The Open Platform, a startup associated with Telegram, has successfully raised $28.5 million in a recent funding round that pushes their valuation to $1 billion, marking its rise as a new unicorn in the crypto realm.

The Open Platform Secures Major Funding in Series A Round

Crypto’s newest unicorn, The Open Platform (TOP), has caught the attention of investors by raising a staggering $28.5 million in a Series A funding round, pushing its valuation to a hefty $1 billion. Announced just this Thursday, the funding was spearheaded by fintech powerhouse Ribbit Capital with additional backing from crypto venture capital firm Pantera Capital. Interestingly, this round accounted for approximately 5% equity, with no cryptocurrency allocations included as per comments from TOP’s founder and CEO, Andrew Rogozov. He also highlighted that since its inception, the company has garnered over $70 million through various funding initiatives.

Investors Thrilled by Telegram’s User Base and Future Potential

TOP is a central player in the development of applications for The Open Network (TON), a blockchain closely linked to Telegram, renowned for being one of the world’s most widely used messaging applications. Pavel Durov, Telegram’s founder, has proclaimed that the app boasts a user base exceeding one billion, making it an attractive target for investors. Statements from Ribbit and Pantera Capital’s representatives reveal their admiration for the platform’s vast reach, with Ryan Barney from Pantera noting that the chance to support revolutionary technology and financial products aimed at a billion users is, indeed, inspiring.

The Twisted Journey of TOP, TON, and Telegram

The timeline of TOP, TON, and the influences behind it weave a complex narrative. Back in 2018, Durov successfully raised $1.7 billion by selling cryptocurrency to fund the groundwork for the Telegram Open Network, or TON. However, in 2019, the U.S. Securities and Exchange Commission intervened, halting what it termed an illegal securities offering. The situation culminated in a 2020 settlement wherein Telegram agreed to return over $1.2 billion to harmed investors, coupled with an $18.5 million fine. Even as Telegram pivoted away from crypto, developers like Rogozov continued to innovate, keeping the spirit of technology alive.

Wallet in Telegram: A Step Towards Integration

Fast forward to 2023, and Telegram has announced a new version of TON as its preferred blockchain. That same year, Rogozov founded TOP, based in Abu Dhabi, to pursue initiatives associated with this blockchain. Among TOP’s critical contributions is the development of Wallet in Telegram, its flagship crypto wallet. Outside of the U.S. and Europe, Telegram has integrated this wallet directly into its main application menu, making it accessible to users across Russia, Asia, and other regions, a move they hope will enhance user interaction and platform capabilities.

Future Plans for Investment and Growth in TON

Looking ahead, Rogozov plans to channel this newly acquired funding into expanding their wallet services to the U.S. and Europe. However, he cautions that building out the necessary compliance structures and operational frameworks in these markets is quite the expensive venture. Beyond these objectives, funding will also bolster the incubation of other projects tied to TON, such as blockchain-based games and AI applications. TOP’s investor composition remains diverse, with Ribbit securing roughly 4% ownership and Pantera claiming around 1%, alongside notable backers like Vy Capital and Dmitry Eremeev.

The recent funding round has positioned The Open Platform as a formidable force in the crypto landscape, with ambitions that extend far beyond simple messaging. With plans to expand into major markets like the U.S. and Europe, and a diverse portfolio of TON-based projects on the horizon, TOP appears poised to capitalise on its unique connection to Telegram. As the crypto landscape continues to evolve, TOP is definitely a name to watch.