Telegram blockchain developer TOP becomes first ecosystem unicorn
TOP raises $28.5M to expand Telegram blockchain in the West
On July 3, The Open Platform (TOP), the blockchain developer behind Telegram’s ecosystem, announced it raised $28.5 million in a Series A funding round led by Ribbit Capital, with participation from Pantera Capital. According to TOP, this valuation makes it the first unicorn in the native TON ecosystem.
Unlike many crypto startups, the round was based entirely on equity rather than token sales — signaling a deliberate shift toward traditional venture capital support.
TOP said the funds will support its expansion into Western markets, including licensing and regulatory compliance efforts, and speed up the development of native Telegram blockchain apps — from wallets to AI tools.
“A significant part of the funding will go toward market expansion where crypto integration often hits walls not due to lack of users, but because of outdated rules, fragmented enforcement, and tech stacks not built for crypto interaction on mobile,” the company said.
Betting on simplicity and chat-based UX
According to CoinDesk, the funding round marks a new maturity phase for the ecosystem, which has seen over 15 million wallets created since 2021, and viral hits like Notcoin and Hamster Kombat bring millions of new crypto users.
TOP now aims to scale that experience, leveraging Telegram’s 900 million user base and offering a smoother alternative to competitors who rely on DeFi yield to retain users.
Their strategy focuses on Telegram’s intuitive chat interface and seamless Toncoin transfers as a core user experience.
TON price dynamics for 24 hours. Source: CoinMarketCap
However, Toncoin hasn't yet reacted to the funding news — trading down around 1% in the past 24 hours at $2.86.Over the past month, TON has dropped 10%, and over the past year, it has lost 63% of its value — which may actually provide a healthier entry point as the platform prepares to expand.
As we wrote, TON expands Blockchain connectivity: LayerZero to support 12 networks
