The Open Network (TON), a decentralized blockchain platform initially developed by Telegram, has received significant funding from MEXC Ventures, the venture arm of cryptocurrency exchange MEXC. This eight-figure investment will support TON’s goal of promoting global Web3 accessibility and reducing the barriers to entry.
In addition to the funding, MEXC and the TON Foundation have entered into a strategic partnership. As part of the agreement, MEXC will provide marketing services and promotion for TON-based projects listed on its platform. The crypto exchange also plans to launch a TON collateral lending service and eliminate trading fees for the TON token. Justin Hyun, the director of growth at the TON Foundation, highlighted that the previous cost was the same for most cryptocurrencies on the exchange, but now it will be different for TON.
MEXC Ventures will continue to fund TON-based mini apps and support projects such as Megaton Finance, TONPlay, Fanzee, and Sonet. The two entities are also exploring potential funding for a crypto wallet on the Telegram messenger.
With the backing of MEXC Ventures, the TON Foundation aims to increase the adoption of the Web3 ecosystem within Telegram. Their goal is to make blockchain technology convenient and easy to use for anyone, regardless of their knowledge of the blockchain world. By integrating TON into Telegram, the intention is to make crypto transactions as simple as texting.
Telegram founder Pavel Durov has repeatedly emphasized the importance of the TON blockchain in Telegram’s potential journey in the Web3 space. In September, Telegram integrated the TON Wallet as a mini-app, allowing users to access cryptocurrencies like TON, Bitcoin (BTC), and Tether (USDT) directly from the app’s interface. Durov clarified that the TON technology was developed by the open-source community and that TON Wallet is a third-party app.
It is worth noting that Telegram had to abandon its involvement in the TON development due to a legal battle with US securities regulators in 2020. However, the TON blockchain continues to progress with the support of investors like MEXC Ventures.
MEXC Ventures is a subsidiary of MEXC, a centralized cryptocurrency exchange founded in 2018 and registered in the Seychelles. The exchange claims to hold licenses in Australia, Estonia, and the United States, serving users in 200 countries.
While MEXC has made significant strides in the crypto space, some members of the community have raised concerns about using a non-Know Your Customer exchange. These concerns highlight the need for users to exercise caution and conduct thorough research when dealing with any cryptocurrency exchange.
Overall, the funding from MEXC Ventures provides a significant boost for the TON blockchain platform. It paves the way for increased accessibility and adoption of Web3 technologies within the Telegram messenger, bringing the benefits of blockchain technology to a wider audience.
