October 5, 2023

TON Receives 8-Figure Investment from MEXC



MEXC Ventures, the venture arm of global cryptocurrency exchange MEXC, announced an eight-figure investment in the Open Network (TON), a decentralized blockchain platform created by Telegram.

This investment has led to a strategic partnership between MEXC and the TON Foundation, intending to make global Web3 accessibility more accessible by reducing barriers to entry. As part of this partnership, MEXC will provide marketing services and promotion for TON-based projects listed on their platform.

Additionally, MEXC plans to launch a TON collateral lending service and eliminate trading fees for the TON token. Justin Hyun, the Director of Growth for the TON Foundation, noted that this move marks a change from the previous fee structure, which was the same for most cryptocurrencies on the exchange.

MEXC Ventures will keep funding TON-based mini apps and support existing TON-based projects like Megaton Finance, TONPlay, Fanzee, and Sonet. The company is also in talks with the TON Foundation regarding potential funding for a cryptocurrency wallet on Telegram.

MEXC and the TON Foundation are working together to promote the adoption of the Web3 ecosystem on the Telegram messenger platform, Hyun noted, adding: “The technology should be convenient and easy to use for anyone, no matter their knowledge of the world of blockchain. With TON on Telegram, crypto becomes as easy as texting.”

The founder of Telegram, Pavel Durov, has emphasized the importance of the TON blockchain in the company’s potential journey into Web3. In September, Telegram introduced the TON Wallet as a mini-app, enabling users to directly access coins such as Toncoin (TON), Bitcoin, and Tether from the app’s interface. Durov has highlighted that the TON technology was created by the open-source community instead of Telegram and that the TON Wallet is a third-party app.

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