TOP Wallet's $28.5 Million Boost Sets Sights on U.S. and European Launch
TOP serves as the core developer for Telegram's official blockchain, The Open Network, and is responsible for creating and maintaining the Telegram Wallet, which facilitates peer-to-peer transfers within chats. The company will channel its new funds into market expansion and product development, aligning with its long-held strategy of leveraging Telegram's user base—now over a billion monthly active users—to advance the blockchain ecosystem.
Ribbit Capital led the round, acquiring approximately 4–5% of TOP's equity. Other notable participants included Pantera Capital, reinforcing investor confidence in TON's growth potential. The funding arrived without any sale of cryptocurrency tokens, emphasising that the stake was purely equity-based.
ADVERTISEMENT
Since Telegram integrated TON in 2022, the ecosystem has witnessed rapid uptake. Metrics show active TON accounts rising from roughly 4 million to over 41 million, with more than 121 million unique Toncoin holders. Daily on-chain transactions surged from approximately 100,000 to 1.2 million, while total value locked has exceeded US $350 million. These figures underscore user engagement and the ecosystem's expanding financial activity.
TOP's forthcoming initiatives include incubating blockchain-native games—both multiplayer and mini-app formats—that operate entirely on the TON chain. They will use Telegram's Mini‑App infrastructure, which is already adopted by over half a billion users. One such example is the viral 'Hamster Kombat' game, which has drawn over 300 million players and helped introduce mainstream audiences to blockchain functionality.
AI-driven applications are another priority. TOP is developing tools and platforms that integrate machine learning models directly into TON-based environments, enabling chat-integrated utilities—such as fraud detection, financial analytics, and smart assistants—without departing the Telegram interface.
Regulatory headwinds in the U. S. and Europe will present challenges. The SEC previously halted Telegram's launch of its native token, Gram, in 2020, leading to a refund and legal settlement. Now guided by Maximilian Crown—TON Foundation's newly appointed CEO with regulatory and compliance experience—TOP aims to navigate these complex legal environments. Crown's background at MoonPay, where he oversaw U. S. and European licensing, equips the project with added expertise as it seeks entry into compliant markets.
Support from both traditional and crypto-focused investors reflects strong market confidence. Alongside Ribbit and Pantera, unicorn‐backed VCs such as Sequoia, Benchmark, and Kingsway have previously invested over $400 million in Toncoin, affirming institutional belief in TON's role as Telegram's blockchain layer.
TOP's strategy reflects a broader shift within Web3—pursuing real-world use cases embedded into existing digital platforms. Using Telegram's 1 billion+ user base, BOTs, wallets, mini-apps, and secure messaging infrastructure, TOP aims to drive mass crypto adoption while sidestepping consumer-level friction.
Analysts note that TOP's equity‑only raise is distinctive; contrast it with token sales that often involve community risk. By focusing on equity, TOP offers investors upside across its product stack—including wallets, DeFi tools, games, and AI utilities—without diluting with token allocation.
Upcoming milestones include launching its U. S. and European operations before year‑end, unveiling its first wave of blockchain‑native games, and beta‑testing AI‑enhanced wallets and utility apps. With a valuation of $1 billion and deepening partnerships, TOP is well positioned to define Telegram's blockchain strategy beyond financial services into entertainment and artificial intelligence.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
a day ago
- Al Etihad
Tata Motors to buy Italy's Iveco for $4.4bn
ROME (AFP) Tata Motors of India will buy Italy's Iveco Group for 3.8 billion euros ($4.4 billion) in a bid to create a "global champion" in the commercial vehicles sector, the two companies said Wednesday. The deal excludes Iveco's defence division for armoured vehicles, which is to be sold to Italian defence and aerospace group Leonardo, in a 1.7-billion-euro deal announced earlier Wednesday. The combined company after Tata's takeover aims to sell around 540,000 vehicles a year for total annual revenues of 22 billion euros, of which half would come from Europe, 35 percent from India and 15 percent from the Americas. Tata and Iveco -- which also makes engines and buses -- said in a joint statement there was "no overlap in their industrial and geographic footprints, creating a stronger, more diversified entity" which would use a shared strategic vision to drive long-term growth. The deal is expected to close in the first quarter of 2026, underscoring the status of Tata in Europe, with Jaguar Land Rover notably a wholly owned subsidiary of Tata Motors. "The reinforced prospects of the new combination are strongly positive in terms of the security of employment and industrial footprint of Iveco Group as a whole," Iveco's chairwoman Suzanne Heywood said in the statement. For Natarajan Chandrasekaran, chairman of Tata Motors, "this is a logical next step following the demerger of the Tata Motors Commercial Vehicle business, and will allow the combined group to compete on a truly global basis with two strategic home markets in India and Europe. "The combined group's complementary businesses and greater reach will enhance our ability to invest boldly. I look forward to securing the necessary approvals and concluding the transaction in the coming months," he added in the statement. Iveco Group's CEO Olof Persson said the merger was "unlocking new potential to further enhance our industrial capabilities, accelerate innovation in zero-emission transport, and expand our reach in key global markets." He added: "This combination will allow us to better serve our customers with a broader, more advanced product portfolio and deliver long-term value to all stakeholders." Separately, Iveco's armoured vehicles unit will be sold to Leonardo, whose chief Roberto Cingolani said the move would make it a "reference player in the European land defence market". Leonardo has announced it plans to integrate its electronic systems, including new-generation combat sensors, into Iveco Defence vehicles to "guarantee optimal effectiveness of operational solutions offered".
Gulf Today
a day ago
- Gulf Today
Trump announces 25% tariff on India, additional import tax
WASHINGTON: The United States will impose a 25% tariff on goods from India, plus an additional import tax because of India's purchasing of Russian oil, President Donald Trump said Wednesday. India "is our friend,' Trump said on his Truth Social platform, but its tariffs "are far too high' on US products. The Republican president added India buys military equipment and oil from Russia, enabling Moscow's war in Ukraine. As a result, he intends to charge an additional "penalty' starting on Friday as part of the launch of his administration's revised tariffs on multiple countries. The Indian government said Wednesday it's studying the implications of Trump's tariffs announcement. India and the US have been engaged in negotiations on concluding a "fair, balanced and mutually beneficial' bilateral trade agreement over the last few months, and New Delhi remains committed to that objective, India's Trade Ministry said in a statement. Trump's announcement comes after a slew of negotiated trade frameworks with the European Union, Japan, the Philippines and Indonesia - all of which he said would open markets for American goods while enabling the US to raise tax rates on imports. The president views tariff revenues as a way to help offset the budget deficit increases tied to his recent income tax cuts and generate more domestic factory jobs. While Trump has effectively wielded tariffs as a cudgel to reset the terms of trade, the economic impact is uncertain as most economists expect a slowdown in US growth and greater inflationary pressures as some of the costs of the taxes are passed along to domestic businesses and consumers. There's also the possibility of more tariffs coming on trade partners with Russia as well as on pharmaceutical drugs and computer chips. Kevin Hassett, director of the White House National Economic Council, said Trump and US Trade Representative Jamieson Greer would announce the Russia-related tariff rates on India at a later date. Trump's approach of putting a 15% tariff on America's long-standing allies in the EU is also generating pushback, possibly causing European partners as well as Canada to seek alternatives to US leadership on the world stage. French President Emmanuel Macron said Wednesday in the aftermath of the trade framework that Europe "does not see itself sufficiently' as a global power, saying in a cabinet meeting that negotiations with the US will continue as the agreement gets formalized. "To be free, you have to be feared,' Macron said. "We have not been feared enough. There is a greater urgency than ever to accelerate the European agenda for sovereignty and competitiveness.' Washington has long sought to develop a deeper partnership with New Delhi, which is seen as a bulwark against China. Indian Prime Minister Narendra Modi has established a good working relationship with Trump, and the two leaders are likely to further boost cooperation between their countries. The Census Bureau reported that the US ran a $45.8 billion trade imbalance in goods with India last year, meaning it imported more than it exported. At a population exceeding 1.4 billion people, India is the world's largest country and a possible geopolitical counterbalance to China. India and Russia have close relations, and New Delhi has not supported Western sanctions on Moscow over its war in Ukraine. The new tariffs could put India at a disadvantage in the US market relative to Vietnam, Bangladesh and, possibly, China, said Ajay Sahai, director general of the Federation of Indian Export Organisations. "We are back to square one as Trump hasn't spelled out what the penalties would be in addition to the tariff,' Sahai said. "The demand for Indian goods is bound to be hit.' The new tariffs on India could complicate its goal of doubling bilateral trade with the US to $500 billion by 2030. The two countries have had five rounds of negotiations for a bilateral trade agreement. While US has been seeking greater market access and zero tariff on almost all its exports, India has expressed reservations on throwing open sectors such as agriculture and dairy, which employ a bulk of the country's population for livelihood, Indian officials said. When Trump in February met with Modi, the US president said that India would start buying American oil and natural gas. Trump discussed his policies on trade and tariffs with reporters accompanying him Tuesday on the flight home following a five-day visit to Scotland. He declined to comment then when asked about reports that India was bracing for a US tariff rate of at least 25%, saying, "We're going to see.' Trump also said the outlines of a trade framework with India had not yet been finalized. Once back at the White House on Tuesday, Trump indicated that there were no plans to announce new tariff rates on Wednesday, a claim that turned out to be inaccurate. Agencies
Gulf Today
a day ago
- Gulf Today
Google joins EU code for powerful AI models rebuffed by Meta
Google on Wednesday said it would join the likes of ChatGPT-maker OpenAI and sign the EU's set of recommendations for the most powerful artificial intelligence models that has been rebuffed by Meta. The European Union this month published long-delayed recommendations for a code of practice that would apply to the most advanced AI models such as Google's Gemini, in a code of practice. The announcement came as Brussels resists pressure from the industry and the United States to delay the enforcement of sweeping rules, who warn they could hurt the growing sector in Europe. "We will join several other companies, including US model providers, in signing" the code, said Google's president of global affairs Kent Walker. The code was published just weeks before the August 2 start of the compliance period on complex models known as general purpose AI -- systems that have a vast range of functions. Walker said Google would provide feedback, and warned the rules "risk slowing Europe's development and deployment of AI". Members of the public pass the offices of Google in the business and financial sector of Dublin City centre. File/AFP "Departures from EU copyright law, steps that slow approvals, or requirements that expose trade secrets could chill European model development and deployment, harming Europe's competitiveness," Walker added. OpenAI and French AI startup Mistral have said they would sign the code, but Meta -- a vocal critic of the EU's digital rules -- said it would not follow suit. "This code introduces a number of legal uncertainties for model developers, as well as measures which go far beyond the scope of the AI Act," Meta's chief global affairs officer Joel Kaplan said in a LinkedIn post this month. Facebook and Instagram owner Meta and the EU have locked horns over a range of issues, the most recent over the EU's political advertising rules. The US tech titan said it would ban such advertising instead of applying EU rules. Dozens of Europe's biggest companies including France's Airbus and Germany's Lufthansa urged the EU this month to hit pause on the AI rules, warning against steps that could put the bloc behind in the global AI race. Agence France-Presse
