Pavel Durov, the founder of Telegram, has continually emphasized the pivotal role of the TON blockchain in Telegram’s prospective journey into the Web3 domain. The Open Network (TON), initially conceived by Telegram as a decentralized blockchain platform, has recently secured substantial funding from the venture wing of the cryptocurrency exchange MEXC.
An announcement made on October 4 revealed that TON has attracted a significant eight-figure investment from MEXC Ventures, a subsidiary of the global cryptocurrency exchange MEXC. Concurrently, MEXC and the TON Foundation have joined forces in a strategic partnership aimed at advancing global Web3 accessibility by reducing entry barriers.
As part of this collaboration, the MEXC crypto exchange will extend marketing services and promotional support to TON-based projects listed on its platform. Furthermore, the firm is poised to introduce a TON collateral lending service and abolish trading fees associated with the TON token. Justin Hyun, the Director of Growth at the TON Foundation, stated, “The previous cost structure applied uniformly to most cryptocurrencies on our exchange,” in an exclusive interview with Cointelegraph.
Additionally, MEXC Ventures will continue its financial backing of TON-based mini applications, in addition to its ongoing support for TON-based projects like the autonomous protocol Megaton Finance, the GameFi platform TONPlay, Fanzee, and Sonet.
With the invaluable backing of MEXC Ventures, the TON Foundation endeavors to elevate the adoption of the Web3 ecosystem within the Telegram messaging platform. Hyun emphasized, “The technology should be user-friendly and accessible to individuals regardless of their familiarity with the blockchain realm. With TON integrated into Telegram, engaging with cryptocurrencies becomes as effortless as sending a text message.”
It’s worth noting that Telegram was compelled 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 leading crypto aggregators such as CoinGecko and CoinMarketCap.
It’s important to mention that some members of the cryptocurrency community have reported encountering certain challenges with MEXC and have cautioned users about the risks associated with using a non-Know Your Customer (KYC) exchange. MEXC, which boasts a daily trading volume of nearly $600 million, asserts that it holds licenses in Australia, Estonia, and the United States and serves users in 200 countries.
