Ton Telegram collected an 8-figure sum from MEXC to make Web3 Super App
The Open Network (TON) – a decentralized blockchain platform originally designed by Telegram – has received significant funding from cryptocurrency exchange MEXC.
Ton from MEXC Ventures – a subsidiary of MEXC global cryptocurrency exchange MEXC – the company announced on October 4. In partnership with funding, MEXC and the Ton Foundation have entered into a strategic partnership to promote global Web3 accessibility by lowering entry barriers.
As part of the agreement, the MEXC crypto exchange will provide trading services and promotion for ton-based projects. The company is set to launch a ton bond loan service and eliminate ton token fees. Justin Yun, director of development at Tone Foundation, told Cointelegraph: “The previous cost was the same for most of the cryptocurrencies on the exchange.
In addition, MEXC Ventures will continue to fund smaller TON-based applications in addition to ongoing support of TON-based projects such as autonomous protocol Megaton Finance, GameFi platform TONPlay, Fanzee and Sonet. MEXC and Ton Foundation are discussing possible funding for a crypto wallet on Telegram, Hyun said in a statement to Cointelegraph.
With the support of MEXC Ventures, Ton Foundation aims to increase the adoption of the Web3 ecosystem in Telegram Messenger, said Hyun.
“The technology should be convenient and easy for anyone, regardless of their knowledge of the blockchain world. With tons on Telegram, crypto texting becomes easier.
Telegram founder Pavel Durov has repeatedly hinted at the role of blockchain in Telegram's potential Web3 journey. In mid-September, Telegram integrated TonKiss as a mini-app, allowing users to access coins such as TonCoin (TON), Bitcoin (BTC) and Tether (USDT) directly from the app's interface. Durov emphasized that Ton's technology was developed by the open source community rather than Telegram, emphasizing that TonKiss is a third-party app.
Telegram In 2020, a legal battle with safety regulators in the US forced it to end its involvement in the development of the ton.
Ton's investor, MEXC Ventures, is a subsidiary of the central cryptocurrency exchange MEXC, founded in 2018 and registered in Seychelles, according to data from major crypto aggregators such as CoinGecko and CoinMarketCap.
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Some people in the crypto community have reported some problems with MEXC, warning users about the risks of using an exchange that doesn't know your customer.
I highly doubt @MEXC_Global are marketing themselves on their own exchange. If you manage to make a profit on their exchanges (withdraw money from their mime) they will ban you and use any reason under the sun to keep your money. Stay away from this exchange @MEXC_CEO
— glimmery (@Glimmerycoin) April 29, 2023
A daily business of about $600 million, MEXC says it holds licenses in Australia, Estonia and the United States, and serves users in 200 countries.
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