Telegram-Linked Crypto Wallet Developer Secures $28.5M, Becomes TON Unicorn
The Open Platform Achieves Unicorn Status with $28.5 Million Funding Round
The Open Platform (TOP), a startup focused on developing cryptocurrency solutions for Telegram, has successfully secured $28.5 million in its latest funding round, achieving a valuation of $1 billion. This milestone makes TOP the first unicorn within the ecosystem built on The Open Network (TON), which was designated as Telegram’s exclusive blockchain partner earlier this year.
Series A Funding Details
The Series A funding round was spearheaded by Ribbit Capital, with contributions from Pantera Capital. According to Andrew Rogozov, CEO of TOP and former head of Russian social media giant VK, this funding represents approximately 5% of the company’s equity and did not involve any cryptocurrency transactions. With this latest round, TOP’s total funding has surpassed $70 million.
Product Development and User Engagement
TOP is known for its Wallet, a TON-based cryptocurrency wallet seamlessly integrated into Telegram’s platform, along with various applications for gaming, payments, and NFTs. In a previous interview, the company revealed that over 100 million users have registered for the Wallet service on Telegram. Additionally, TOP supports several projects within the TON ecosystem, including the Tonkeeper wallet, DEX STONfi, and the NFT marketplace Getgems.
Expansion Plans
The newly acquired funds will primarily be allocated towards expanding TOP’s offerings in the United States, the European Union, and other international markets. Rogozov emphasized that a significant portion of the investment will be directed toward compliance, licensing, and enhancing operational infrastructure.
Focus on Gaming
When queried about potential expansions beyond the TON ecosystem, Alexander Kruglov, the chief commercial officer at Wallet, stated that the company remains committed to developing the TON ecosystem, which he believes is uniquely positioned to support Telegram’s vast user base of 1 billion. Kruglov noted that while the self-custodial product will remain exclusive to TON, they do offer custodial services for various cryptocurrencies not native to the TON network.
Andrey Klebanov, managing partner at TOP Labs, highlighted the company’s intention to intensify its focus on blockchain gaming, asserting that engaging games can attract millions of users to interact with cryptocurrency. He expressed confidence in the potential for sustainable gaming experiences on Telegram, which could drive user engagement without relying solely on direct incentives.
Exploring AI Integration
Klebanov also mentioned that the team is investigating how artificial intelligence can enhance user experiences. He believes that combining intuitive interfaces with advanced AI solutions could provide users with innovative ways to utilize and benefit from Telegram, while also improving tools for interacting with the TON blockchain.
The TON Ecosystem Landscape
The TON network experienced significant growth throughout 2024, but a sudden downturn in August led to a dramatic decline in its total value locked (TVL), dropping from over $760 million to approximately $310 million in just a month. As of now, the TVL stands at around $141.6 million, according to DeFiLlama.
TOP was established in Abu Dhabi in 2023, coinciding with the initial partnership between Telegram and TON. In March 2025, the TON Foundation announced that several prominent venture capital firms, including Sequoia, Ribbit, and Benchmark, had invested $400 million in Toncoin, the native cryptocurrency of the TON ecosystem. Currently, Toncoin ranks among the top 30 cryptocurrencies by market capitalization but has seen a decline of over 3% today and 13% over the past month.
Future Aspirations for the TON Foundation
Originally launched by Telegram in 2018 as the Telegram Open Network, the TON blockchain faced regulatory challenges from the U.S. Securities and Exchange Commission, leading to its suspension in 2020. The project was revived in 2021 as The Open Network, now under the independent management of the TON Foundation.
Looking ahead, the TON Foundation aims to onboard 30% of Telegram’s active users onto the TON blockchain by 2028. Their strategy includes leveraging Telegram’s stickers, gifts, and collectibles to attract users, as well as introducing multiplayer mini-games on the platform.
