The Open Platform (TOP), a developer for Telegram Messenger Inc.'s blockchain ecosystem, has raised $28.5 million in an early-stage funding round, reaching a $1 billion valuation.
The funding round was led by Rabbit Capital with participation from Pantera Capital, focusing on applications for The Open Network closely related to Telegram, which has over 1 billion monthly active users.
TOP builds core infrastructure and consumer-facing apps on Telegram's official blockchain, TON, aiming to boost global crypto adoption despite past legal issues with the U.S. SEC related to TON.
The company's long-term strategy includes expanding its crypto wallet globally, incubating TON-related projects, and developing blockchain games and artificial intelligence applications.