The Open Platform (TOP), the principle utility developer of Telegram’s blockchain undertaking TON (The Open Community), has accomplished a $28.5 million Collection A funding spherical at a valuation of $1 billion, in accordance with Fortune.
The funding spherical was led by fintech-focused Ribbit Capital, whereas Pantera Capital, one of many main funding funds within the cryptocurrency area, additionally participated.
In change for funding, a 5% stake within the firm was transferred, and no cryptocurrency was allotted within the course of. TOP founder and CEO Andrew Rogozov said that the corporate has raised over $70 million in complete funds to this point.
TOP, which is within the TON blockchain ecosystem with shut ties to Telegram, additionally stands out because the crew behind the appliance’s primary pockets, “Telegram Pockets.” The corporate goals to convey the pockets, which has been obtainable to be used in Russia, Asia and different areas through Telegram, to the US and European markets with the brand new funding.
CEO Rogozov identified that particularly compliance and operational infrastructures convey enormous prices on this enlargement course of and mentioned that the brand new funding will play a vital function in these areas.
The brand new funding will likely be used not just for geographical enlargement, but in addition for the event of TON-based blockchain video games and AI initiatives. The corporate’s long-term imaginative and prescient is to create a complete utility ecosystem operating on TON.
Ribbit Capital and Pantera Capital, which participated within the funding, mentioned they see Telegram’s world person base of over 1 billion as an enormous alternative. “The chance to assist revolutionary know-how and monetary merchandise that may attain a billion individuals is thrilling,” mentioned Ryan Barney, associate at Pantera Capital.
Telegram bought $1.7 billion price of cryptocurrencies for its TON undertaking in 2018. Nevertheless, it was pressured to halt the undertaking in 2020 following a lawsuit filed by the U.S. Securities and Alternate Fee (SEC). As a part of the settlement reached with the SEC, Telegram returned $1.2 billion to buyers and paid a tremendous of $18.5 million.
After these developments, Telegram seemingly distanced itself from the undertaking, however the growth of know-how continued within the background. In 2023, Telegram introduced the brand new model of TON because the official blockchain community, and in the identical 12 months, the TOP firm was formally established within the United Arab Emirates (Abu Dhabi).
*This isn’t funding recommendation.
