Toncoin Backer TOP Raises $28.5 Million at $1 Billion Valuation

The Open Platform (TOP), a major supporter of The Open Network (TON), has raised $28.5 million in an extended Series A round. This new investment brings the company’s total funding to $70 million and solidifies its valuation at $1 billion. TOP to Use New Capital for Global Expansion According to The Block’s report , the new investment round was led by Ribbit Capital with strong backing from Pantera Capital. According to the company, this funding will support TOP’s plans to expand its footprint across multiple regions. The Open Platform is now set to launch new portfolio companies in the United States, European Union, and other international markets. As part of the expansion, TOP will focus on building infrastructure tailored to these new regions. This includes securing regulatory licenses, ensuring compliance, and refining its go-to-market strategies. CEO Andrew Rogozov stated that the company’s long-term goal is to drive broader cryptocurrency adoption by leveraging Telegram’s reach. By pairing Telegram’s user base with the TON blockchain, the company hopes to onboard a billion users to the crypto space. Pantera and Ribbit Boost Confidence in TON Blockchain It is worth mentioning that the funding round further strengthens confidence in the TON blockchain. This is more popular among institutional investors. For example, Ethena recently launched directly on the TON blockchain. The project granted access to USDe and tsUSDe across major Telegram-linked wallets. Additionally, Pantera Capital’s partner, Ryan Barney, described the TOP team as exceptional. He highlighted the chance to back products that could reach over a billion people. He added that Pantera looks forward to working more closely with TOP to grow both the TON and Telegram ecosystems. The support from these major investors also confirms the rising interest in the TON blockchain and its potential to host high-utility apps and games. Notable examples already in the ecosystem include Hamster Kombat and Notcoin, both of which use TON’s native currency, Toncoin. Toncoin Maintains Momentum with Market Growth At the time of reporting, Toncoin, the native token of the TON blockchain, was trading at $2.85. The digital asset experienced a 0.27% decrease in value over the past 24 hours, with a trading volume of $192.56 million. Toncoin’s total market capitalization reached $7.06 billion, ranking it as the 22nd-largest cryptocurrency. Reports also show that Toncoin has settled near the $7 level. It is also important to note that this latest funding is increasing. The TON blockchain appears well-positioned to strengthen its market hold and continue building out its developer and user ecosystem. The Open Network (TON), experienced a temporary outage on June 1 , causing a brief halt in block production. Notably, the issue, which was swiftly identified and addressed by the TON development team, resulted in the network’s functionality being restored within approximately 40 minutes. The post Toncoin Backer TOP Raises $28.5 Million at $1 Billion Valuation appeared first on TheCoinrise.com .

Source: The Coin Rise