April 19, 2024
TON fuels Web3 accessibility.
AI

Telegram’s TON Blockchain Secures Major Funding from MEXC Ventures, Aims to Boost Web3 Accessibility

The Open Network (TON), originally conceived by Telegram as a decentralized blockchain platform, has secured substantial funding from MEXC Ventures, the venture arm of the cryptocurrency exchange MEXC. This significant eight-figure investment was announced by the company on October 4th. In addition to this funding, MEXC and the TON Foundation have entered into a strategic partnership aimed at enhancing global Web3 accessibility by reducing entry barriers.

As part of this partnership, the MEXC cryptocurrency exchange will offer marketing services and promotion for projects based on the TON platform that are listed on its platform. Furthermore, the firm plans to introduce a TON collateral lending service and eliminate trading fees for the TON token. Justin Hyun, the Director of Growth at the TON Foundation, noted that the previous fee structure was the same for most cryptocurrencies on the exchange.

In addition to these initiatives, MEXC Ventures will continue its financial support for TON-based mini apps and ongoing projects such as the autonomous protocol Megaton Finance, the GameFi platform TONPlay, Fanzee, and Sonet. Discussions are also underway regarding potential funding for a cryptocurrency wallet within the Telegram messaging platform, according to Hyun.

With the backing of MEXC Ventures, the TON Foundation aims to expand the adoption of the Web3 ecosystem within the Telegram messenger. Hyun emphasized the importance of making this technology user-friendly, regardless of a person’s level of familiarity with blockchain. He stated that, with TON on Telegram, crypto becomes as easy as texting. Telegram founder Pavel Durov has consistently highlighted the role of the TON blockchain in Telegram’s potential journey into Web3. In September, Telegram integrated the TON Wallet as a mini-app, enabling users to access cryptocurrencies like Toncoin (TON), Bitcoin, and Tether directly within the app’s interface. Durov underscored that the TON technology has been developed by the open-source community rather than by Telegram itself, emphasizing that the TON Wallet is a third-party application.

It’s worth noting that Telegram had to discontinue its involvement in TON development in 2020 due to a legal dispute with securities regulators in the United States.

MEXC Ventures, the investor in TON, is a subsidiary of the centralized cryptocurrency exchange MEXC, which was established in 2018 and is registered in the Seychelles, according to data from major crypto aggregators like CoinGecko and CoinMarketCap. Some members of the cryptocurrency community have raised concerns about using a non-Know Your Customer (KYC) exchange like MEXC, highlighting potential risks. MEXC claims to handle nearly $600 million in daily trading volume and asserts that it holds licenses in Australia, Estonia, and the United States, serving users across 200 countries.

Image by freepik

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