The Open Network (TON), a decentralized blockchain platform originally designed by Telegram, has received major funding from the venture capital arm of cryptocurrency exchange MEXC.
TON announced on October 4 that it had raised an eight-figure investment from MEXC Ventures, a subsidiary of MEXC, the global cryptocurrency exchange. At the same time as this financing, MEXC and the TON Foundation established a strategic partnership aimed at promoting the development of global cryptocurrency exchanges. Web3 enables accessibility by lowering the barrier to entry.
As part of the deal, MEXC cryptocurrency exchange will provide marketing services and promotion of TON-based projects listed on its platform. The company also plans to launch TON mortgage services and eliminate transaction fees for TON tokens. “For most cryptocurrencies on exchanges, the cost has been the same before,” Justin Hyun, director of growth at the TON Foundation, told Cointelegraph.
In addition, in addition to continuing to support TON-based projects (such as autonomous protocol Megaton Finance, GameFi platform TONPlay, Fanzee and Sonet), MEXC Ventures will continue to fund TON-based mini-applications. Hyun said in a statement to Cointelegraph that MEXC and the TON Foundation are also discussing potential funding for crypto wallets on Telegram.
Hyun said that with the support of MEXC Ventures, the TON Foundation aims to increase the adoption of the Web3 ecosystem in Telegram Messenger, adding:
“The technology should be convenient and easy to use for anyone, regardless of their knowledge of the blockchain world. With TON on Telegram, cryptocurrencies become as easy as sending a text message.”
Telegram founder Pavel Durov has repeatedly pointed out the role of the TON blockchain in Telegram’s potential Web3 journey. In mid-September, Telegram integrated the TON wallet into a mini-application, allowing users to deposit and withdraw tokens such as Toncoin (TON), Bitcoin (BTC), and Tether (USDT) directly from the application interface.Durov emphasize TON technology is developed by the open source community rather than Telegram, and it is emphasized that TON Wallet is a third-party application.
Telegram was forced to terminate its participation in TON development in 2020 after a legal dispute with U.S. securities regulators.
According to data from major cryptocurrency aggregators, TON investor MEXC Ventures is a subsidiary of centralized cryptocurrency exchange MEXC, which was founded in 2018 and registered in the Seychelles Islands. CoinGecko and coin market cap.
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Some in the crypto community have reported that MEXC is facing certain issues, warning users of the risks of using a non-know-your-customer exchange.
I highly doubt @MEXC_Global It is they who make the market on their own exchange. If you manage to make a profit on their exchange (take money from their MM), they will ban you and use every excuse to keep your funds.Stay away from this kind of communication @MEXC_CEO
– Glittery (@Glimmerycoin) April 29, 2023
MEXC claims to have licenses in Australia, Estonia and the United States, has a daily transaction volume of nearly $600 million, and claims to provide services to users in 200 countries.
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