According to online reports, Telegram ecological development platform The Open Platform announced that it has completed a US$28.5 million Series A financing, with a post-investment valuation of US$1 billion. Ribbit Capital led the investment, and crypto venture capital Pantera Capital participated. The financing sold approximately 5% of the equity and did not include a share of cryptocurrency. The Open Platform has raised more than US$70 million in cumulative financing. TOP is the core developer of Telegram's official blockchain The Open Network (TON), and the "Telegram Wallet" it has created has been opened to users in Russia, Asia and other regions. The new funds will be used to expand compliance markets in Europe and the United States and incubate TON-based blockchain games and AI applications.