Overview

• Ribbit Capital led the Series A round with participation from Pantera Capital, securing roughly 5% equity without token allocations
• The $28.5 million raise sets TOP’s valuation at $1 billion and brings its total funding to over $70 million
• TOP builds core infrastructure on TON, offering a Telegram-integrated wallet, decentralized exchanges, NFT marketplaces and games such as Notcoin
• Institutional interest in TON has surged this year, with VCs including Sequoia Capital and Benchmark Ventures acquiring $400 million in TON tokens
• TOP plans to use the new capital to bolster compliance and operations, incubate additional TON-based projects and scale its wallet service in Western markets