- The Open Platform (TOP), developer of Telegram’s wallet, raised $28.5M at a $1B valuation
- The funding, led by Ribbit and Pantera, will be used to expand the crypto wallet into the US and Europe
- This follows a broader $400M investment into the TON ecosystem by major VCs like Sequoia
The Open Platform (TOP), the main developer building the crypto wallet inside the Telegram messaging app, raised $28.5 million in a new funding round, pushing its valuation to $1 billion.
The deal, announced on July 3, 2025, was led by the venture capital firm Ribbit Capital, with Pantera Capital also participating.
The new capital provides TOP with the resources to pursue its most critical goal of expanding the wallet into the United States and Europe. Andrew Rogozov, TOP’s founder and CEO, confirmed the deal accounted for 5% equity, with Ribbit acquiring 4% and Pantera 1%. No cryptocurrency was involved in the deal. Andrew Rogozov also clarified to Fortune that the company has now raised more than $70 million in total across multiple rounds.
The Mission: Conquer a Regulated West
TOP is the developer behind “Wallet in Telegram,” the self-custody crypto feature already embedded into the app’s interface in Russia, Asia, and other international markets outside Europe and the U.S.
With the new funding, Rogozov said the team plans to bring the Telegram wallet to Western users.
“We need to support everything related to compliance, operations and stuff, right?”
he said.
“That’s very expensive to build.”
TOP also aims to invest in new TON-based projects, including blockchain gaming and AI-driven applications. These tools will run inside Telegram using the TON blockchain.
TON Blockchain Origin Dates Back to SEC Settlement
The TON blockchain was originally developed by Telegram in 2018. That year, Telegram raised $1.7 billion to build the Telegram Open Network by selling a cryptocurrency to investors.
In 2019, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Telegram, claiming the raise violated securities law. By 2020, Telegram settled the case, agreeing to return over $1.2 billion and pay an $18.5 million fine.
Although Telegram stepped back from the project after the settlement, developers like Rogozov continued working on the blockchain. In 2023, Telegram officially chose TON as its exclusive blockchain. That same year, Rogozov incorporated TOP in Abu Dhabi, where the company is based.
VCs Acquire Toncoin, Support Telegram’s Crypto Integration
In March 2025, the TON Foundation revealed that several major firms—including Sequoia Capital, Benchmark Ventures, Draper Associates, and Ribbit Capital—acquired $400 million worth of Toncoin, the native cryptocurrency of the TON blockchain.
These investments followed Telegram’s efforts to expand its blockchain tools. TOP, as the main developer of the Telegram wallet, is now central to these developments.
Related: Former TON Foundation Director Justin Hyun Launches New DeFi-on-Telegram App, Affluent
In a press release, Pantera Capital partner Ryan Barney referred to Telegram’s large user base as a reason for investing.
Telegram’s TON Wallet Continues Development Under TOP
TOP is building the Telegram wallet and expanding it into new geographies. The wallet allows Telegram users to manage crypto assets without leaving the app.
As of now, the wallet is embedded in Telegram’s main menu in supported countries. The company’s next step is to bring this service to more regions, including North America and Europe.
Related: Was Telegram’s Crackdown on the World’s Largest Dark Market Too Little, Too Late?
TOP is also working on supporting blockchain tools inside Telegram. These include TON mini apps, games, and tools built around Toncoin payments and storage.
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