The Open Platform (TOP), the developer of blockchain-based products for The Open Network (TON), has successfully completed its Series A funding round, raising $28.5 million with a company valuation of $1 billion.
This is reported by Business • Media
Key Investors and Funding Terms
The main investor in the round was the venture firm Ribbit Capital, along with Pantera Capital and another anonymous participant. According to the project’s CEO Andriy Rohozov, investors received about 5% equity in the company, and this funding round did not involve the distribution of cryptocurrency among participants.
“TOP is the developer of the Wallet in Telegram — the official cryptocurrency wallet for TON. Rohozov noted that the company plans to expand the solution’s presence in Europe and the USA.”
Development Strategies and New Projects
The company plans to use the raised funds to scale the Wallet in Telegram in the US and European markets. A portion of the funds will also be directed towards supporting new projects, including the development of blockchain games and the creation of applications utilizing artificial intelligence based on TON.
It is known that Ribbit Capital holds approximately 4%, while Pantera Capital holds about 1%. Other shareholders of TOP include Kingsway Capital and Brevan Howard partner Kevin Hu.
In July 2024, The Open Platform already invested in Akedo Games to create games within the TON ecosystem, indicating the company’s active expansion in the blockchain and gaming technology sectors.