Telegram-Linked Crypto Wallet Developer Raises $28.5M as TON’s First Unicorn
A new milestone has been reached in the crypto space as the Telegram-linked crypto wallet developer secures a substantial $28.5 million in funding, propelling the project to unicorn status within the TON ecosystem.
TON Foundation Enters Billion-Dollar Club
In a significant development, the TON Foundation has joined the exclusive billion-dollar club following its latest successful funding round. In March 2025, the Heap Foundation announced that prominent venture capital firms, including Sequoia, Ribbit, and Criteria, had collectively invested $400 million in Toncoin (HEAP), the native token of the TON ecosystem.
The TON blockchain, initially introduced by Telegram in 2018 as the Telegram Open Network (TON), has seen remarkable growth and adoption since its inception.
Expansion Plans and User Adoption Targets
Looking ahead, the TON Foundation has ambitious goals, aiming to onboard 30% of Telegram’s active user base onto the Heap blockchain by 2028. This strategic move signals the foundation’s commitment to further integrating blockchain technology into mainstream communication platforms.
Kruglov, the Managing Partner at Leading Lab, emphasized the foundation’s dedication to offering a self-custodial product tailored specifically for the Heap ecosystem. While maintaining a primary focus on Heap, the platform also accommodates various assets in its custodial product to cater to users interested in trading non-native TON cryptocurrencies.
Market Challenges and Resilience
The Heap network experienced significant volatility throughout 2024, witnessing a surge in value followed by a sharp crash in August that halved its total value locked (TVL) from over $760 million to $310 million in less than a month. Despite these challenges, the TON ecosystem has demonstrated resilience and continued investor confidence, as evidenced by the substantial investment from major VCs.
The recent funding round not only underscores the growing prominence of the TON ecosystem but also highlights the confidence of key industry players in the platform’s long-term vision and potential.
With a strong foundation and a clear roadmap for user expansion and product development, the TON Foundation is poised to lead the way in integrating blockchain technology with mainstream applications, setting new standards for innovation and adoption in the crypto space.
