The Open Network (TON), the decentralized blockchain platform initially designed by Telegram, has recently secured significant funding from the venture arm of the cryptocurrency exchange MEXC. In a strategic move, MEXC Ventures, a subsidiary of MEXC’s global cryptocurrency exchange, has made an eight-figure investment in TON, aiming to promote global Web3 accessibility by lowering entry barriers. This partnership marks a significant milestone in the development and adoption of blockchain technology.
Enhanced Marketing Services and Promotion for TON-based Projects
As part of the collaboration, MEXC crypto exchange will provide marketing services and promotion for TON-based projects listed on its platform. This strategic move will enable TON-based projects to reach a wider audience and gain more exposure in the cryptocurrency market. In addition to this, the MEXC crypto exchange will also launch a TON collateral lending service, allowing users to utilize their TON tokens for collateral purposes. Furthermore, MEXC will eliminate trading fees for the TON token, reducing costs for users.
MEXC Ventures has also vowed to continue funding TON-based mini apps and projects. This ongoing support demonstrates the commitment of MEXC Ventures to foster innovation and growth within the TON ecosystem. Some of the notable TON-based projects receiving funding include the autonomous protocol Megaton Finance, the GameFi platform TONPlay, Fanzee, and Sonet. These projects showcase the diverse applications of blockchain technology and its potential to revolutionize various sectors.
MEXC and the TON Foundation are currently in discussions regarding potential funding for a crypto wallet integration within the Telegram messenger. This integration would enable Telegram users to easily store, manage, and transact with cryptocurrencies, further expanding the accessibility and convenience of the Web3 ecosystem. The TON Foundation aims to make blockchain technology user-friendly, regardless of an individual’s knowledge about the blockchain world. By integrating TON on Telegram, the vision is to make crypto transactions as effortless as sending a text message.
Telegram founder Pavel Durov has consistently emphasized the importance of the TON blockchain in Telegram’s potential Web3 journey. In a recent development, Telegram integrated the TON Wallet as a mini-app, granting users direct access to prominent cryptocurrencies like Toncoin (TON), Bitcoin (BTC), and Tether (USDT) within the app’s interface. Durov emphasized that the TON technology is community-developed and clarified that TON Wallet is a third-party app. Telegram had to discontinue its involvement in TON development in 2020 due to legal disputes with securities regulators in the United States.
TON’s investor, MEXC Ventures, is a subsidiary of the centralized cryptocurrency exchange MEXC. Established in 2018 and registered in the Seychelles, MEXC aims to provide a comprehensive cryptocurrency trading experience to users globally. While MEXC claims to hold licenses in Australia, Estonia, and the United States, some individuals within the crypto community have reported certain issues with the exchange. Users are advised to exercise caution and understand the risks associated with utilizing a non-Know Your Customer exchange. Despite these concerns, MEXC handles a substantial daily trading volume of almost $600 million and serves users across 200 countries.
The partnership between TON and MEXC Ventures represents a significant step towards the increased adoption and accessibility of the Web3 ecosystem. With MEXC’s support, TON-based projects will have enhanced marketing services, reduced trading fees, and access to collateral lending. Additionally, the potential integration of a crypto wallet on Telegram will simplify cryptocurrency transactions for Telegram users. These developments highlight the continuous evolution of blockchain technology and its impact on various industries. While it is essential to remain cautious when engaging with cryptocurrency exchanges, the collaboration between TON and MEXC Ventures signals positive momentum for decentralized platforms and their worldwide adoption.
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