The Open Network (TON), an ambitious decentralized blockchain platform initially conceived by Telegram, has secured substantial investment from MEXC Ventures, the venture arm of the cryptocurrency exchange MEXC. The announcement was made on October 4th, revealing an eight-figure investment from MEXC Ventures. In addition to this significant funding, MEXC and the TON Foundation have entered into a strategic partnership aimed at advancing global Web3 accessibility by reducing entry barriers.
As part of this partnership, the MEXC cryptocurrency exchange will provide marketing services and promotional support to TON-based projects listed on its platform. Furthermore, MEXC plans to introduce a TON collateral lending service and eliminate trading fees for the TON token, which previously incurred costs similar to most cryptocurrencies on the exchange.
MEXC Ventures will also continue to provide funding for TON-based mini apps and other projects within the TON ecosystem. This includes support for initiatives like the autonomous protocol Megaton Finance, the GameFi platform TONPlay, Fanzee, and Sonet. Additionally, discussions are underway between MEXC and the TON Foundation regarding potential funding for a cryptocurrency wallet integrated with the Telegram messenger.
The partnership with MEXC Ventures aligns with the TON Foundation’s goal of fostering greater adoption of the Web3 ecosystem within the Telegram messenger. Justin Hyun, the director of growth at the TON Foundation, emphasized the importance of making blockchain technology user-friendly and accessible, regardless of users’ familiarity with the blockchain world. He stated that with TON integrated into Telegram, using cryptocurrencies should be as straightforward as sending a text message.
Telegram founder Pavel Durov has previously highlighted the significance of the TON blockchain in Telegram’s journey toward Web3 integration. In September, Telegram integrated the TON Wallet as a mini-app within its platform, enabling users to access cryptocurrencies like Toncoin (TON), Bitcoin, and Tether directly from the messaging app. Durov emphasized that TON technology was developed by the open-source community, underscoring that the TON Wallet is a third-party application.
It’s worth noting that Telegram had to discontinue its involvement in TON development in 2020 due to a legal dispute with securities regulators in the United States.
MEXC Ventures, the investor in TON, is a subsidiary of MEXC, a centralized cryptocurrency exchange founded in 2018 and registered in the Seychelles. While MEXC claims to hold licenses in Australia, Estonia, and the United States, some individuals within the cryptocurrency community have reported issues with the exchange and have cautioned against using non-Know Your Customer (KYC) platforms. Despite this, MEXC boasts a substantial daily trading volume of nearly $600 million and claims to serve users in 200 countries.
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