The Open Network (TON), a decentralized blockchain platform initially designed by Telegram, has recently secured significant funding from MEXC Ventures, the venture arm of the cryptocurrency exchange MEXC. With this partnership, TON aims to promote global accessibility to Web3 by lowering barriers to entry. This collaboration between MEXC Ventures and the TON Foundation brings forth various initiatives to support TON-based projects and enhance the Web3 ecosystem within the Telegram messenger.
MEXC Ventures, as a subsidiary of MEXC’s global cryptocurrency exchange, has provided the TON Foundation with an eight-figure investment. Besides the financial support, MEXC will offer marketing services and promotion for TON-based projects listed on its platform. As part of the collaboration, MEXC Ventures plans to launch a TON collateral lending service and eliminate trading fees for the TON token, thus creating a favorable environment for TON users.
In addition to funding TON-based mini apps, MEXC Ventures aims to expand its support for other TON-related projects like the autonomous protocol Megaton Finance, GameFi platform TONPlay, Fanzee, and Sonet. This commitment reinforces MEXC Ventures’ dedication to fostering innovation and growth within the TON ecosystem. The ongoing discussions between MEXC and the TON Foundation also explore potential funding for a crypto wallet on Telegram, aiming to provide users with a seamless experience for accessing and managing their digital assets.
The Vision of Easy-to-Use Crypto in Telegram Messenger
Justin Hyun, the TON Foundation’s director of growth, expresses the vision of the TON Foundation and MEXC Ventures: making the Web3 ecosystem easily accessible within the Telegram messenger. The goal is to ensure that anyone, regardless of their knowledge of blockchain technology, can effortlessly engage with cryptocurrencies. By leveraging TON on Telegram, the process of using crypto is simplified to the level of everyday texting, thus promoting mainstream adoption.
Pavel Durov, the founder of Telegram, has repeatedly highlighted the significance of the TON blockchain in Telegram’s potential Web3 journey. In a step towards this vision, Telegram integrated the TON Wallet as a mini-app within the messenger. Users can now access various coins, such as Toncoin (TON), Bitcoin (BTC), and Tether (USDT), directly from the app’s interface. Durov emphasizes that the TON technology has been developed by the open-source community rather than Telegram itself, and the TON Wallet functions as a third-party application.
Telegram faced legal challenges and had to terminate its involvement in TON’s development in 2020 due to a legal battle with securities regulators in the United States. However, TON continues to progress, thanks to the support from investors like MEXC Ventures. The collaboration with MEXC Ventures aligns with TON’s mission to build a robust and accessible Web3 ecosystem.
MEXC Ventures, as a subsidiary of the centralized cryptocurrency exchange MEXC, brings additional expertise and resources to support TON’s growth. However, it is important to note that some members of the crypto community have reported certain issues with MEXC, cautioning users about the risks associated with using a non-Know Your Customer exchange. Despite this, MEXC claims to hold licenses in Australia, Estonia, and the United States and serves users in 200 countries, with a significant daily trading volume of nearly $600 million.
The strategic partnership between MEXC Ventures and the TON Foundation marks an important milestone in the development of the Open Network. By providing funding, marketing support, and new services, MEXC Ventures contributes to the growth of the Web3 ecosystem and the adoption of cryptocurrencies within the Telegram messenger. As TON continues to evolve, it aims to make blockchain technology accessible to all, paving the way for a decentralized and inclusive future.