Telegram’s blockchain developer joins unicorn ranks at $1b valuation

Key Points

1. The Open Platform (TOP) announced a $28.5 million Series A funding round led by Ribbit Capital, with participation from Pantera Capital, valuing the company at $1 billion.

2. TOP aims to use the funds to expand into Western markets, focusing on Telegram-native blockchain applications, including wallets and AI tools.

3. The funding round was strictly equity-based, with no token backing, distinguishing it from many other crypto ventures.

4. TOP's flagship product, the Telegram Wallet, allows users to send Toncoin as easily as a message, with over 15 million wallets created since its launch in 2021.

5. The TON ecosystem has grown significantly by integrating blockchain services within Telegram's chat interface, attracting users through viral apps like Notcoin and Hamster Kombat.