Telegram Crypto Wallet Expands: TOP Receives $28.5 Million in Investment
Date: 2025-07-04 Author: Gabriel Deangelo Categories: BUSINESS
The Open Platform (TOP), which manages the Wallet crypto wallet inside Telegram and works closely with TON, has closed a new round of funding worth $28.5 million. The company's valuation has reached $1 billion. The Ribbit Capital fund became the leader of the investment, with Pantera Capital also participating. Fortune notes that the deal includes the sale of about 5% of the company's shares without issuing tokens.
TOP CEO Andrey Rogozov said that, taking into account the previous stages, the total funding has already exceeded $70 million. Recall that Rogozov, who previously headed VKontakte, joined TOP three years ago. Since then, the company registered in Abu Dhabi has been focusing on developing solutions for Telegram. In 2024, Rogozov spoke at TOKEN 2049 in Dubai along with Pavel Durov and Tether CEO Paolo Ardoino.
The fresh investment will go towards expanding projects within TON, including the development of blockchain games and AI apps. In addition, TOP is planning to use the funds to launch Wallet in Europe and the US — currently, there is no access to the wallet in these regions. According to Rogozov, compliance with regulatory requirements and organizing operations require significant costs.
Amid the news, the Toncoin (TON) rate remained stable — about $2.88 at the time of publication. Over the past 24 hours, the price has increased by 1.3%. Last year, TON reached a historical maximum of $8.25, but has since fallen by more than 60%. The growth in quotes in 2024 was associated with a wave of interest in the so-called "tapalki" — simple games on Telegram. However, according to Notcoin developers, this format has exhausted itself and no longer brings profit. Now the market is waiting for new ideas that can replace the outdated trend.
The company plans not to stop at Wallet — TOP's focus remains on creating an entire infrastructure for Telegram users who want to have access to blockchain services directly within the messenger. Experts note that such development can strengthen TON's position and make its ecosystem more sustainable.
Thus, TOP is not just developing the product, but also aims to expand TON's influence beyond the usual markets, creating a space for the integration of financial technologies and messengers.
