Telegram’s blockchain startup TOP raises $28m at $1b valuation

The Open Platform (TOP), a blockchain app developer linked to messaging app Telegram, has raised US$28.5 million in a series A funding round.

The round, led by Ribbit Capital and including Pantera Capital, values the company at $1 billion.

This funding represents about 5% of TOP’s equity, with no cryptocurrency allocations involved, according to Andrew Rogozov, co-founder and CEO of TOP.

The new funds will be allocated to expanding the wallet’s availability in the US and Europe, with an emphasis on compliance and operational infrastructure.

TOP also plans to support additional TON-based projects, including blockchain games and AI applications.

The Abu Dhabi-based company has raised over US$70 million across various funding rounds. TOP is a key developer for The Open Network (TON), which Telegram designated as its exclusive blockchain in 2023.

The platform supports Telegram’s crypto wallet, integrated within the app for users in Russia and Asia. However, it is unavailable in the US and Europe.

🔗 Source: Fortune

🧠 Food for thought

1️⃣ Telegram’s crypto phoenix demonstrates blockchain regulatory resilience

Telegram’s current blockchain success comes after a dramatic regulatory setback in 2020 when the SEC forced the company to abandon its original TON project and return US$1.2 billion to investors with an US$18.5 million fine.

Despite this significant regulatory action, the blockchain initiative was revived by independent developers working “behind the scenes,” including Andrew Rogozov who later co-founded TOP 1.

This revival illustrates how blockchain projects increasingly demonstrate adaptability to regulatory challenges, as projects evolve their structures and compliance approaches rather than disappearing after regulatory interventions.

The project’s transformation from an abandoned initiative to a billion-dollar ecosystem within four years reflects the persistent appeal of integrating cryptocurrency with established communication platforms despite regulatory hurdles.

The evolution of TON from a direct Telegram initiative to an independent but Telegram-endorsed ecosystem shows how projects can restructure to navigate complex regulatory landscapes while maintaining their core technological vision.