The Telegram ecosystem development platform The Open Platform has completed a $28.5 million Series A financing, led by Ribbit Capital

ChainCatcher news, according to Fortune, the Telegram ecosystem development platform The Open Platform has announced the completion of a $28.5 million Series A financing round, with a post-money valuation of $1 billion. This round was led by fintech investment firm Ribbit Capital, with participation from crypto venture capital firm Pantera Capital. This financing round involved the sale of approximately 5% of equity and did not include cryptocurrency shares. The Open Platform has raised over $70 million in total.

TOP is the core developer of Telegram's official blockchain The Open Network (TON), and its "Telegram Wallet" has been opened to users in regions such as Russia and Asia. The company's CEO stated that the new funds will be used to expand into compliant markets in Europe and the United States, as well as to incubate blockchain games and AI applications based on TON.