TON Secures Massive Funding from MEXC to Boost Web3 on Telegram

TON Secures Massive Funding from MEXC to Boost Web3 on Telegram

UTC by Bhushan Akolkar · 2 min read
TON Secures Massive Funding from MEXC to Boost Web3 on Telegram
Photo: Depositphotos

The TON Foundation has formed a strategic partnership with MEXC, aiming to advance global Web3 accessibility and reduce entry barriers.

Decentralized blockchain platform The Open Network (TON), initially designed by Telegram, has recently secured major funding from the crypto exchange MEXC.

Venture Capital arm MEXC Ventures has pumped a total of 8 figures into TON, as per the announcement on Wednesday, October 4. As a result of the funding, TON Foundation has entered into a strategic partnership with MEXC with the goal of promoting global Web3 accessibility and lowering entry barriers.

In this agreement, the MEXC crypto exchange will extend marketing services and promotional efforts for TON-based projects listed on its platform. Additionally, the company plans to introduce a TON collateral lending service and waive trading fees associated with the TON token. Notably, this change will align the cost structure with most other cryptocurrencies on the exchange, as explained by TON Foundation’s Director of Growth, Justin Hyun, in a statement to Cointelegraph.

On the other hand, MEXC Ventures will continue to fund the TON-based mini apps. This will be in addition to the ongoing support of TON-based projects such as the autonomous protocol Megaton Finance and GameFi platforms such as TONPlay, Fanzee and Sonet.

MEXC and the TON Foundation are engaged in discussions about potential funding for a cryptocurrency wallet integrated into the Telegram messenger, as stated by Justin Hyun, Director of Growth at the TON Foundation. With the backing of MEXC Ventures, the TON Foundation has a goal of promoting wider adoption of the Web3 ecosystem within the Telegram messaging platform, added Hyun. He further said:

“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.”

Making Telegram A Web3 Super App

Telegram founder Pavel Durov has consistently highlighted the role of the TON blockchain in Telegram’s potential venture into the Web3 ecosystem. In mid-September, Telegram introduced the TON Wallet as a mini-app, enabling users to access cryptocurrencies like Toncoin (TON), Bitcoin (BTC), and Tether (USDT) directly from the app’s interface.

Durov made it clear that the open-source community was behind the development of the TON technology rather than Telegram. Thus, he emphasized that TON Wallet is a third-party application.

Telegram had to discontinue its involvement in TON’s development in 2020 due to a legal dispute with US securities regulators. TON’s investor, MEXC Ventures, is a subsidiary of cryptocurrency exchange MEXC, established in 2018 and registered in the Seychelles.

Blockchain News, Cryptocurrency News, News
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