The Open Network (TON) Secures Major Funding from MEXC Ventures
The decentralized blockchain platform, The Open Network (TON), originally designed by Telegram, has received significant funding from MEXC Ventures, the venture arm of cryptocurrency exchange MEXC. This eight-figure investment was announced on October 4th and is accompanied by a strategic partnership between MEXC and the TON Foundation. The partnership aims to enhance global accessibility to Web3 by reducing barriers to entry.
Promoting TON-based Projects
As part of the collaboration, the MEXC crypto exchange will offer marketing services and promotion for projects based on TON that are listed on its platform. In addition, the exchange plans to introduce a TON collateral lending service and eliminate trading fees for the TON token. MEXC Ventures will continue to fund TON-based mini apps and other projects like Megaton Finance, TONPlay, Fanzee, and Sonet. Discussions are also underway regarding potential funding for a crypto wallet on Telegram.
Increasing Web3 Adoption
MEXC Ventures’ support aims to boost adoption of the Web3 ecosystem within the Telegram messenger. The goal is to make blockchain technology convenient and user-friendly for everyone, regardless of their knowledge about blockchain. By integrating TON into Telegram, using crypto will become as simple as sending a text message.
TON’s Role in Telegram’s Web3 Journey
Pavel Durov, the founder of Telegram, has highlighted the significance of the TON blockchain in the platform’s potential Web3 journey. In September, Telegram integrated the TON Wallet as a mini-app, allowing users to access cryptocurrencies directly from the app interface. Durov emphasized that TON Wallet is a third-party app developed by the open-source community and not directly by Telegram.
MEXC Ventures and TON Foundation
MEXC Ventures 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 members of the crypto community have reported issues with the exchange. These reports caution users about the risks associated with using a non-Know Your Customer (KYC) exchange.
Hot Take: MEXC Ventures Boosts TON’s Accessibility
The funding from MEXC Ventures provides a significant boost to the accessibility of The Open Network (TON). Through their strategic partnership, MEXC will support TON-based projects by offering marketing services and launching new services like collateral lending and fee elimination for TON tokens. This collaboration aims to increase adoption of the Web3 ecosystem within Telegram, making it easier for users to engage with blockchain technology. With this partnership, TON takes a step forward in its journey towards becoming an integral part of Telegram’s Web3 vision.
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