Key Highlights:

• The Open Platform raised $28.5 million at a valuation of $1 billion during an extended Series A fundraising round.
• The funding initiative was spearheaded by Ribbit Capital, with contributions from Pantera Capital.
• This achievement marks the Open Platform as the first unicorn within the TON ecosystem.

The Open Platform (TOP), known for creating developer tools within Telegram’s crypto infrastructure, announced a recent financial boost of $28.5 million from an extended Series A funding, led by Ribbit Capital and joined by Pantera Capital. This funding surge elevates TOP’s worth to $1 billion, positioning it as the pioneer unicorn in the TON (The Open Network) landscape.

The company is set to utilize the newly acquired capital to enhance its expansion in the U.S. and European markets, focusing on compliance, security measures, and strategic marketing initiatives. With aims to leverage Telegram’s extensive user base, TOP’s services include a Telegram-integrated wallet, non-custodial storage, decentralized exchanges, NFT marketplaces, and competitive gaming products like the popular Notcoin.

Following recent institutional enthusiasm towards TON, the TON Foundation revealed substantial investments from notable firms such as Sequoia Capital and Benchmark, amounting to $400 million in toncoin, the native asset of the TON blockchain.