Quick take:
- The funding also attracted participation from reputable crypto venture firm Pantera Capital.
- Approximately 5% of the funding was in the form of equity without cryptocurrency allocation.
- The company plans to use the fresh capital to expand its Telegram-based wallet into the U.S. and Europe.
The Open Platform, the Telegram-based blockchain platform behind the Wallet in Telegram, has raised $28.5 million in a Series A funding round led by Ribbit Capital, a prominent venture capital firm in the digital asset and fintech sectors. The fundraising also attracted participation from reputable crypto venture firm Pantera Capital.
According to the announcement on Thursday, the Series A round brings the total raised by the TON developer $70 million at a valuation of $1 billion.
The company plans to use the fresh capital to implement the regulatory and compliance requirements needed to expand its Telegram-based crypto wallet into the U.S. and the European Union. Some of the targeted applications from the new funds include go-to-market strategies, regulatory licensing, compliance, and other infrastructure tailored to launching in these new regions, according to reports.
Wallet in Telegram is already accessible from the main menu of the popular messaging App in multiple countries globally.
The fundraising comprised approximately 5% in equity, without warrants for token allocation, the company said. As part of the fundraising, Ribbit Capital acquired about 4% of the company, and Pantera Capital secured around 1%.
The Open Platform also boasts backing from Dubai investment firm Vy Capital, Russian investor Dmitry Eremeev, Kingsway Capital, and Brevan Howard.
“This investment supports our long-term strategy to scale the adoption of blockchain-based products by leveraging the power of Telegram as a distribution channel,” The Open Platform CEO and founder, Andrew Rogozov, said in a statement. “By combining TON blockchain with Telegram’s global reach, we’re building both the infrastructure and the consumer-facing apps needed to onboard a billion users to crypto.”
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