TON raises 8-figure sum from MEXC for Telegram’s Web3 super-app.
TON raises 8-figure sum from MEXC for Telegram's Web3 super-app.
The Open Network (TON) Secures Major Funding from MEXC Ventures
The Open Network (TON), a decentralized blockchain platform initially designed by Telegram, has recently received significant investment from MEXC Ventures, the venture arm of cryptocurrency exchange MEXC. This strategic partnership aims to promote global Web3 accessibility by lowering entry barriers and facilitating the adoption of blockchain technology.
In order to support TON-based projects listed on its platform, MEXC will provide marketing services and promotions. Furthermore, MEXC plans to launch a TON collateral lending service and eliminate trading fees for the TON token. This move seeks to attract more users and encourage adoption of the TON ecosystem.
MEXC Ventures is committed to not only providing financial support but also funding TON-based mini apps such as the autonomous protocol Megaton Finance, the GameFi platform TONPlay, Fanzee, and Sonet. The ongoing collaboration between MEXC and the TON Foundation also involves discussions on potential funding for Wallet on Telegram.
Justin Hyun, the director of growth at the TON Foundation, emphasized the importance of making blockchain technology accessible for anyone, regardless of their knowledge of the industry. With the support of MEXC Ventures, the TON Foundation aims to increase the adoption of the Web3 ecosystem within the Telegram messenger. Hyun envisions a future where using crypto is as easy as texting.
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Pavel Durov, the founder of Telegram, has repeatedly highlighted the role of the TON blockchain in Telegram’s potential Web3 journey. In mid-September, Telegram integrated the TON Wallet as a mini-app, allowing users to access various coins like TON, Bitcoin, and Tether directly from within the app’s interface. It is important to note that the TON tech has been developed by the open-source community, not by Telegram itself. The TON wallet is considered a third-party app.
Telegram’s involvement in the TON development was terminated in 2020 following a legal battle with securities regulators in the United States. Despite this setback, the TON blockchain continues to attract attention and investment.
MEXC Ventures, as TON’s investor, is a subsidiary of MEXC, a centralized cryptocurrency exchange founded in 2018 and registered in Seychelles. While MEXC claims to hold licenses in Australia, Estonia, and the United States, some users in the crypto community have reported facing issues with the exchange. It is recommended that users exercise caution and be aware of the potential risks associated with using a non-KYC exchange.
In conclusion, the partnership between TON and MEXC Ventures marks a significant milestone in the blockchain industry. The investment from MEXC Ventures will not only provide financial support but also pave the way for increased adoption of Web3 technology within the Telegram messenger. With the goal of making blockchain accessible and easy to use, TON and MEXC Ventures are working together to drive innovation and remove barriers in the crypto space. The ongoing developments and collaborations between TON and its partners demonstrate the resilience and potential of blockchain technology in transforming industries and revolutionizing the way we interact with digital assets.
Table of Contents
- TON Secures Major Funding from MEXC Ventures
- Strategic Partnership for Global Web3 Accessibility
- MEXC’s Support for TON-based Projects
- Making Blockchain Technology Accessible
- Telegram’s Role in the TON Blockchain
- MEXC Ventures and the Potential Risks