The Open Platform (TOP), the developer of the application for the TON blockchain project, has raised $28.5 million in an investment round, resulting in a valuation of $1 billion.
Investment Round and Participants
The round was led by fintech firm Ribbit Capital, with participation from Pantera Capital, a prominent fund in the cryptocurrency space. In exchange for the investment, the company transferred a 5% stake and did not allocate any cryptocurrency. TOP founder and CEO Andrew Rogozov reported that the company has raised over $70 million in total funding.
Company Plans and Fund Allocation
The raised funds will be utilized for expansion into the US and European markets, as well as for the development of TON-based blockchain games and AI projects. CEO Rogozov pointed out that compliance costs and operational infrastructures will be significant in the expansion process.
History and Development of the TON Project
Telegram sold $1.7 billion worth of cryptocurrency for its TON project in 2018 but was forced to halt the project in 2020 due to a lawsuit from the U.S. Securities and Exchange Commission (SEC). As part of the settlement with the SEC, Telegram returned $1.2 billion to investors and paid an $18.5 million fine. Despite this, technological development continued, and in 2023, a new version of TON was announced as the official blockchain network.
TOP's investment round highlights the growing interest in the technological capabilities of the TON blockchain and the company's strategy to engage new markets.
