The Open Network (TON), a decentralized blockchain platform conceived by Telegram, has secured significant funding from the cryptocurrency exchange MEXC to make Telegram a Web3 super-app.
MEXC Ventures, a subsidiary of MEXC’s global cryptocurrency exchange MEXC, has invested eight figures in TON, the company announced on Oct. 4. MEXC and the TON Foundation have engaged in a strategic partnership to promote global Web3 accessibility by lowering entry barriers in conjunction with funding.
The MEXC cryptocurrency exchange will provide marketing and promotion services for TON-based initiatives listed on their platform as part of the agreement.
The company will also launch a TON collateral lending service and eradicate TON token trading fees. “The previous price for most cryptocurrencies on their exchange was the same,” stated Justin Hyun, director of development for the TON Foundation.
Additionally, MEXC Ventures will continue financing TON-based mini apps and ongoing support of TON-based projects like the autonomous protocol Megaton Finance, the GameFi platform TONPlay, Fanzee, and Sonet. Hyun said that MEXC and the TON foundation also discuss prospective funding for Wallet on Telegram.
Hyun stated that the TON Foundation intends to increase the adoption of the Web3 ecosystem within the Telegram messenger with the assistance of MEXC Ventures. He declared:
“The technology should be convenient and easy to use for anyone, no matter their knowledge of the world of blockchain. With TON on Telegram, crypto becomes as easy as texting.”
Pavel Durov, the founder of Telegram, has repeatedly emphasized the significance of the TON blockchain in Telegram’s potential Web3 journey. Telegram incorporated the TON Wallet as a mini-app in mid-September, enabling users to access TON (TON), Bitcoin, and Tether directly from the app’s interface.
Durov emphasized that the TON technology was developed by the open-source community, not Telegram, and stressed that the TON wallet is a third-party application.
Following a legal conflict with United States securities regulators, Telegram withdrew from the TON development in 2020.
According to CoinGecko and CoinMarketCap, TON’s investor, MEXC Ventures, is a subsidiary of the centralized cryptocurrency exchange MEXC, founded in 2018 and incorporated in Seychelles.
Some cryptocurrency community members have reported encountering issues with MEXC, advising users of the dangers or suggesting they use a non-KYC exchange.
MEX claims to possess licenses in Australia, Estonia, and the United States and to serve users in 200 countries. It trades nearly $600 million per day.
