The Open Network (TON), created by Telegram, has received significant funding from crypto exchange MEXC. MEXC Ventures has invested a large sum into TON, resulting in a strategic partnership between the two. The collaboration aims to enhance global accessibility to Web3 and reduce barriers to entry. MEXC will offer marketing services, waive TON trading fees, and introduce a collateral lending service. MEXC Ventures will also continue to fund TON-based projects. Discussions are ongoing for potential funding of a cryptocurrency wallet integrated into Telegram. Telegram founder Pavel Durov supports TON's role in Telegram's expansion into the Web3 ecosystem.
Our analysis of the situation
The Open Network (TON) has struck gold with a major injection of funds from MEXC, giving a massive boost to Web3 accessibility on Telegram. In an announcement on Wednesday, October 4, the TON Foundation revealed that MEXC Ventures, the venture capital arm of crypto exchange MEXC, has generously poured eight figures into the decentralized blockchain platform.
This ingenious partnership aims to break down barriers and promote the widespread adoption of the Web3 ecosystem. As part of the agreement, MEXC will provide marketing services for TON-based projects listed on its platform, while also introducing a TON collateral lending service. Plus, trading fees associated with the TON token will be waived, putting it on par with other notable cryptocurrencies on the exchange.
Not one to miss out on the fun, MEXC Ventures will continue to fund TON-based mini apps, in addition to supporting other TON-based projects like Megaton Finance and GameFi platforms such as TONPlay, Fanzee, and Sonet.
Ever forward-thinking, the TON Foundation and MEXC are in discussions about potential funding for a cryptocurrency wallet integrated into the Telegram messenger. Their aim is to seamlessly merge the Web3 ecosystem with the Telegram platform, making crypto usage as easy as sending a text message.
The renowned founder of Telegram, Pavel Durov, has been a vocal advocate for the TON blockchain's potential in the Web3 ecosystem. In September, Telegram introduced the TON Wallet as a mini-app, empowering users to access cryptocurrencies like Toncoin (TON), Bitcoin (BTC), and Tether (USDT) directly within the app's interface.
It's important to note that the development of TON technology has been community-driven, with Telegram stepping back due to a legal dispute with US securities regulators. MEXC Ventures, representing TON's investor, has now stepped in to fuel the project's growth and success.
With TON and MEXC coming together, the vision for Telegram to become a Web3 super app moves one step closer to reality. The future of blockchain accessibility and usability is on the horizon, and TON is set to play a pivotal role.
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