By Will Canny, AI Boost|Edited by Sheldon Reback
Jul 3, 2025, 3:53 p.m.
- The Open Platform raised $28.5 million at a $1 billion valuation in an extended Series A fundraising.
- The funding round was led by Ribbit Capital, with participation from Pantera Capital.
- The company said it has become the first unicorn in the TON ecosystem.
The Open Platform (TOP), a provider of tools for developers in Telegram’s crypto infrastructure, said it raised $28.5 million in an extended Series A round led by Ribbit Capital, with participation from Pantera Capital.
The raise brings TOP’s valuation to $1 billion, making it the first unicorn in the TON (The Open Network) ecosystem, the company said.
STORY CONTINUES BELOW
The company is building core infrastructure and consumer-facing apps on TON, Telegram’s official blockchain partner, aiming to scale crypto adoption across its global user base. The funding, which pushes TOP’s total capital raised to over $70 million, signals growing investor confidence in Telegram’s blockchain push.
TOP plans to use the capital injection to expand across the U.S., Europe and other markets, investing in compliance, security and go-to-market strategies, it said.
Products that it’s developed, or which use its tools, include a Telegram-integrated wallet, non-custodial storage, decentralized exchanges, non-fungible token (NFT) marketplaces and games like the viral tap-to-earn hit Notcoin.
The Open Platform CEO and founder Andrew Rogozov said the company’s goal is to attract a billion users into crypto by leveraging Telegram’s distribution power and TON’s scalability.
The investment follows a wave of institutional interest in TON. Earlier this year, the TON Foundation revealed that investors including Sequoia Capital and Benchmark had acquired $400 million worth of toncoin
, the TON blockchain’s native token.
Read more: TON Jumps as Foundation Says VC Firms Invested $400M in the Token
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He’s now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
