The Open Platform (TOP) closed a funding round, raising $28.5 million, resulting in a company valuation of $1 billion. The funds will be used to develop applications for the TON blockchain, including the official Telegram crypto wallet.
Funding and Company Valuation
The Open Platform completed an extended Series A funding round, raising $28.5 million, which values the company at $1 billion. Venture capital firms Ribbit Capital and Pantera Capital were leading investors.
CEO Andrew Rogozov confirmed that the transaction involved equity only—no tokens were issued. Investors acquired approximately 5% ownership in TOP through this round.
Development of TON Products
TOP develops applications for the TON blockchain ecosystem, with its primary product being the Wallet in Telegram, currently operating in Russia and parts of Asia. The funding will facilitate the wallet's expansion into the United States, European Union, and additional markets.
Proceeds will also support the incubation of new TON-based projects, including blockchain gaming applications and artificial intelligence tools.
Cryptocurrency Market and Toncoin
As of now, Toncoin (TON) is trading at $2.871 USDT, showing a modest daily gain of 0.21%, with a weekly increase of 1.27%. However, it continues to reflect a significant 10.76% monthly drop.
Short-term metrics indicate that TON is consolidating, but recent patterns may suggest the formation of a double bottom between $2.60 and $2.80.
The Open Platform continues to expand its influence in the cryptocurrency market, thanks to investor confidence and active integration with Telegram. The development of new TON-based projects and the expansion of existing services could improve market positioning.
