The Open Network (TON), initially developed by Telegram, has received significant funding from MEXC Ventures, the venture arm of cryptocurrency exchange MEXC. This eight-figure investment from MEXC Ventures is part of a strategic partnership between MEXC and the TON Foundation, with the goal of promoting global accessibility to the Web3 ecosystem by reducing barriers to entry.
As part of the partnership, MEXC will provide marketing services and promotion for TON-based projects listed on its platform. Furthermore, they will launch a TON collateral lending service and eliminate trading fees for the TON token. Previously, the trading fees were the same for most cryptocurrencies on the exchange, according to Justin Hyun, the TON Foundation’s director of growth.
MEXC Ventures will also continue to fund TON-based mini apps and support other TON-based projects such as Megaton Finance, TONPlay, Fanzee, and Sonet. Additionally, discussions are underway between MEXC and the TON Foundation regarding potential funding for a crypto wallet on the Telegram messaging app.
With the support of MEXC Ventures, the TON Foundation aims to increase the adoption of the Web3 ecosystem within Telegram. The goal is to make blockchain technology convenient and user-friendly for anyone, regardless of their knowledge about blockchain. By integrating TON into Telegram, cryptocurrency transactions can become as easy as sending a text message, according to Hyun.
Related Post
Telegram’s founder, Pavel Durov, has repeatedly highlighted the role of the TON blockchain in the potential Web3 journey of Telegram. In September, Telegram integrated the TON Wallet as a mini-app, allowing users to directly access coins such as TON, Bitcoin (BTC), and Tether (USDT) from the app’s interface. Durov emphasized that the TON technology was developed by the open-source community, not by Telegram, and that the TON Wallet is a third-party app.
However, Telegram had to discontinue its involvement in the TON development in 2020 due to a legal battle with securities regulators in the United States.
MEXC Ventures, the investor in TON, is a subsidiary of the centralized cryptocurrency exchange MEXC. Founded in 2018 and registered in the Seychelles, MEXC claims to hold licenses in Australia, Estonia, and the United States. The exchange proudly serves users in 200 countries and facilitates daily trading volumes of nearly $600 million.
It’s worth noting that some members of the cryptocurrency community have raised concerns about MEXC, cautioning users about the risks associated with using a non-Know Your Customer exchange.
In conclusion, the partnership between MEXC Ventures and the TON Foundation is set to accelerate the adoption of the Web3 ecosystem within Telegram. By providing funding, marketing services, and eliminating trading fees for the TON token, MEXC aims to make blockchain technology more accessible and user-friendly. As Telegram continues its Web3 journey, the integration of TON Wallet and potential funding for a crypto wallet on the messaging app further demonstrates the commitment to bringing blockchain convenience to its users.
