The Open Platform Secures $28.5 Million in Series A Funding, Valuation Reaches $1 Billion

According to PANews, The Open Platform, a development platform within the Telegram ecosystem, has successfully raised $28.5 million in a Series A funding round, bringing its post-investment valuation to $1 billion. The round was led by fintech investment firm Ribbit Capital, with participation from crypto venture capital firm Pantera Capital. Approximately 5% of equity was sold in this round, excluding any cryptocurrency shares. The Open Platform has now raised over $70 million in total. TOP serves as the core developer for Telegram's official blockchain, The Open Network (TON), and has launched the 'Telegram Wallet' for users in regions such as Russia and Asia. The company's CEO stated that the new funds will be utilized to expand into compliant markets in Europe and the United States, as well as to incubate blockchain games and AI applications based on TON.