The Open Network (TON), a decentralized blockchain platform initially designed by Telegram, has secured major funding from the investment arm of cryptocurrency exchange MEXC.
TON has raised an eight-figure investment from MEXC Ventures – a subsidiary of global cryptocurrency exchange MEXC – which the company announced on October 4. In conjunction with the funding, MEXC and the TON Foundation have entered into a strategic partnership aimed at globally promoting Web3 accessibility by lowering barriers to entry.
As part of the deal, cryptocurrency exchange MEXC will provide marketing and promotion services for TON-based projects listed on its platform. The company is also set to launch a TON collateral lending service and eliminate trading fees for the TON token. “The previous cost was the same for most cryptocurrencies on the exchange,” Justin Hyun, director of growth at TON Foundation, told Cointelegraph.
In addition, MEXC Ventures will continue to fund TON-based mini-apps as well as its continued support of TON-based projects such as the independent protocol Megaton Finance, the GameFi platform TONPlay, Fanzee, and Sonet. MEXC and the TON Foundation are also discussing potential funding for a cryptocurrency wallet on Telegram, Hyun said in a statement to Cointelegraph.
With support from MEXC Ventures, the TON Foundation aims to increase the adoption of the Web3 ecosystem within Telegram messenger, Hyun said, adding:
“Technology should be convenient and easy to use for anyone, regardless of their knowledge of the blockchain world. With TON on Telegram, encryption becomes as easy as sending text messages.
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 as an applet, allowing users to access coins such as Toncoin (TON), Bitcoin (BTC), and Tether (USDT) directly from the app interface. Durov Confirm The TON technology was developed by the open source community rather than Telegram, stressing that TON Wallet is a third-party app.
Telegram was forced to end its involvement in the development of TON in 2020 after a legal battle with US securities regulators.
The investor in TON, MEXC Ventures, is a subsidiary of centralized cryptocurrency exchange MEXC, which was founded in 2018 and registered in Seychelles, according to data from major cryptocurrency aggregators such as Queen Gekko And CoinMarketCap.
Related: AlphaSense, an AI company backed by Google and Goldman Sachs, raises $150 million at a valuation of $2.5 billion.
Some people in the cryptocurrency community have reported experiencing specific issues with MEXC, warning users of the risks of using an exchange that does not know your customer.
I highly doubt it @MEXC_Global It is a market that creates itself on its own exchange. If you can make profit on their stock exchange (taking money from their money) they will ban you and use every reason to keep your money. Stay away from this exchange @MEXC_CEO
– Glimmer (@Glimerycoin) April 29, 2023
MEXC trades approximately $600 million daily, claims to have licenses in Australia, Estonia, and the United States, and claims to serve users in 200 countries.
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