Telegram’s on-chain operating system is making new moves. The Open Platform just raised $28.5 million in a Series A round led by Ribbit Capital, with participation from Pantera Capital, and its valuation has soared past $1 billion—making it the first unicorn in the TON ecosystem.

This round is a bit different: it’s entirely equity-based, with no token involvement, indicating they’re taking a traditional VC route. The funds are mainly earmarked for compliance and regulatory licensing in Western markets, as well as continued development of native Telegram applications, including everything from wallets to AI tools.

Why is this interesting? Because TON’s growth has been low-key—it hasn’t attracted people with DeFi yields or token hype. Instead, it relies on Telegram’s own chat interface. Their Telegram wallet makes issuing tokens as easy as sending a message—no need to remember seed phrases or switch apps. Since launching in 2021, over 15 million wallets have been created via Telegram. Recent trends like Notcoin and Hamster Kombat have brought in millions of new users.

Now that The Open Platform has funding, it’s aiming at Telegram’s 900 million user base, with the goal of fully embedding on-chain experiences into everyday mobile use. They also say they’ll focus on markets hindered by legacy rules and fragmented regulations.

Will they really achieve the goal of “bringing a billion people into crypto”? We’ll see.