Telegram-Linked Crypto Wallet Developer Raises $28.5M as TON’s First Unicorn

The Open Platform, a startup building crypto tools for Telegram, said in a press release shared with The Defiant that it has raised $28.5 million in new funding at a $1 billion valuation. The company, also known as TOP, claims to be the first unicorn in the ecosystem built on The Open Network (TON), which Telegram tapped as its exclusive blockchain partner in January.

The Series A round was led by Ribbit Capital, with participation from Pantera Capital. TOP’s CEO, Andrew Rogozov — who previously led Russian social media giant VK as CEO after it came under closer control by the Russian government — said that the raise accounts for about 5% of the company’s equity and didn’t involve any crypto. Including earlier rounds, TOP has now raised more than $70 million.

TOP develops Wallet, a TON-based crypto wallet integrated into Telegram’s interface, as well as Telegram-based apps for gaming, payments, and NFTs. In a March interview, TOP told reporters that over 100 million users have signed up for an account with Wallet on Telegram. TOP is also a backer of crypto wallet Tonkeeper, DEX STONfi, NFT marketplace Getgems, and other apps and protocols in the TON ecosystem.

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