The Open Platform (TOP), one of the main developers of products based on the TON blockchain and applications integrated into Telegram, has raised 28.5 million dollars.
The fundraising was done as part of an extended Series A equity financing.
Announced on July 3, this new investment brings TOP's valuation to 1 billion dollars. Thus, it makes it the first unicorn in the TON blockchain ecosystem.
Telegram is quietly implementing one of the most ambitious cryptocurrency integrations ever attempted by a mainstream social platform. By integrating the TON blockchain and its native currency Toncoin into its ecosystem, Telegram is conducting a test. This test analyzes whether the blockchain can finally democratize through daily messaging.
The Open Platform has just announced that it has raised 28.5 million dollars in a seed funding round. The Series A was led by Rabbit Capital with the participation of investors such as Pantera Capital.
What does The Open Platform do?
The platform primarily builds infrastructure and applications aimed at consumers for The Open Network (TON). This high-performance decentralized blockchain was founded in 2018 by the messaging giant Telegram. It is renowned for its transaction processing speed.
Although Toncoin and Telegram are distinct entities, they remain closely linked.
The TON token showcased exceptional alpha performance in 2023. It is a token that was one of the best asymmetric bets in the cryptocurrency market last year.
TON is the 23rd most significant asset in the Brave New Coin ranking in terms of market capitalization. This asset currently has a market capitalization of 7 billion US dollars. It is currently trading at around 2.80 US dollars.
The role of leading investors
The involvement of leading investors will support the launch of TOP's portfolio companies in key regions. This expansion will involve significant investments in marketing strategies, regulatory licenses, and compliance infrastructure. It will also involve improvements in security.
The goal is to ensure sustainable growth and long-term success in these new jurisdictions, in line with the global vision of the TON Foundation. Andrew Rogozov, the CEO of TOP, emphasizes that their strategy aims to develop the adoption of blockchain-based products.
Thus, they will be able to leverage Telegram as a distribution channel.
The integration of the TON blockchain into Telegram will establish an infrastructure to attract one billion users to cryptocurrency.
This integration is expected to broaden global access to financial services and enable developers to create the next wave of decentralized applications.
The integration of TON will realize the projects of TOP.
This initiative will support expansion efforts in the wallet space in the United States, the EU, and other regions. It will emphasize regulatory licenses, compliance, and infrastructure development.
The company would also incubate other projects related to TON. These ideas will notably include blockchain-based games and AI applications.
