MEXC Ventures Announces Major Investment in The Open Network
MEXC Ventures, a subsidiary of MEXC’s global cryptocurrency exchange MEXC, has made its largest-ever investment in The Open Network (TON). This investment is part of a strategic partnership between MEXC Ventures and TON Foundation, with both companies aiming to promote global accessibility to Web3 by reducing barriers to entry.
The investment from MEXC Ventures is focused on supporting TON-based projects such as Megaton Finance, TONPlay, Fanzee, and Sonet. In addition to funding these projects, MEXC’s exchange will provide marketing services and promotion for TON-based projects listed on their platform. The exchange also plans to introduce 0% trading fees for Toncoin and offer a TON collateral lending service in the future.
TON Foundation’s Vision for Web3 Accessibility
The TON Foundation acts as a bridge between nearly 800 million monthly active Telegram users and Web3. Its goal is to transform TON into an accessible platform that serves as a gateway to Web3, making it easier for users to acquire cryptocurrency assets. With the support of MEXC Ventures, the foundation aims to create a Web3 ecosystem within the Telegram app and establish it as a major entry point for crypto assets.
“By working with MEXC, we will bring global access to the decentralized Web3 ecosystem in Telegram,” said Justin Hyun, Director of Growth at TON Foundation. “Our Foundation is committed to promoting a user-centric experience for The Open Network community. MEXC’s support significantly strengthens our potential to build new tools and services for developers and applications that make crypto feel indistinguishable from social media for users.”
Toncoin and the Growing TON Ecosystem
Toncoin, the native cryptocurrency of TON, is used for executing smart contracts, utilizing decentralized applications (dApps), and participating in governance on the TON blockchain. A portion of Toncoin has been allocated to the TON Foundation to support ecosystem development. The TON ecosystem already boasts a wide range of applications, including wallets, DeFi protocols, decentralized exchanges (DEXs), games, NFTs, cross-chain bridges, and social platforms.
“This investment underlines MEXC’s strong conviction in TON blockchain in building a Web3 super-app ecosystem on Telegram,” said Steve Yun, President of TON Foundation. “We are confident that the TON ecosystem and MEXC will grow together as we build for the next market cycle of bull runs.”
About MEXC and MEXC Ventures
MEXC is a centralized cryptocurrency exchange known for its high-performance matching technology and low trading fees. It has over 10 million users worldwide and provides industry-leading service responses. MEXC Ventures is a comprehensive fund under MEXC Group that supports cryptocurrency innovations through strategic investments and project incubation.
About TON Foundation and The Open Network (TON)
The TON Foundation is a non-profit organization founded in Switzerland with the goal of promoting initiatives aligned with The Open Network’s mission. The Open Network aims to make crypto accessible to billions of people by building a Web3 ecosystem within Telegram Messenger.
Hot Take: MEXC Ventures’ Investment Boosts Web3 Accessibility on Telegram
MEXC Ventures’ significant investment in The Open Network (TON) demonstrates its commitment to promoting global accessibility to Web3. Through their partnership with TON Foundation, they aim to create a user-centric experience and build a Web3 ecosystem within the Telegram app. This investment will support TON-based projects and help establish Telegram as a major entry point for crypto assets. With the growing TON ecosystem and MEXC’s conviction in TON blockchain, both entities are poised for future growth in the next market cycle of bull runs.
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