MEXC Ventures Makes Historic Layer-1 Investment in The Open Network

Key Takeaways

• Major Investment and Partnership: MEXC Ventures has made a substantial investment in The Open Network (TON), forming a strategic partnership.
• Empowering TON Ecosystem Growth: The investment from MEXC Ventures extends support to TON-based projects like Megaton Finance, TONPlay, Fanzee, and Sonet. They plan to continue funding TON-based mini apps and projects, further propelling the growth of the TON ecosystem.
• Enhanced User Benefits: MEXC’s exchange is set to introduce 0% trading fees for Toncoin, TON’s native cryptocurrency. Additionally, they have plans to offer a TON collateral lending service, providing added benefits and convenience to users within the TON ecosystem.
• Transforming Telegram into a Crypto Hub: The collaborative effort between MEXC and TON aims to revolutionize the Telegram app, turning it into a significant entry point for accessing crypto assets, ultimately promoting a more seamless user experience.

MEXC Ventures, a subsidiary of the global cryptocurrency exchange MEXC, has made a significant investment in The Open Network (TON), marking the largest layer-1 investment by the firm to date. The investment aligns with a strategic partnership with the TON Foundation and reflects their shared vision of enhancing global Web3 accessibility by reducing entry barriers. This move is part of MEXC’s broader efforts to support and grow the TON ecosystem.

The investment from MEXC Ventures supports various TON-based projects, including Megaton Finance, TONPlay, Fanzee, and Sonet. The venture firm plans to continue funding TON-based mini apps and projects and provide marketing services and promotion for these projects on the MEXC exchange. Additionally, MEXC’s exchange will introduce 0% trading fees for Toncoin and intends to offer a TON collateral lending service in the near future.

The TON Foundation serves as a bridge, connecting nearly 800 million monthly active Telegram users to Web3 and true asset ownership. The foundation aims to make TON an accessible platform and gateway to Web3, enabling more users to quickly and conveniently acquire cryptocurrency assets. The ultimate goal is to transform the Telegram app into a significant entry point for easy access to crypto assets.

Toncoin, the native cryptocurrency of TON, is utilized for executing smart contracts, utilizing decentralized applications (dApps), participating in governance on the TON blockchain, and more. A portion of Toncoin has been allocated to the TON Foundation to support ecosystem development.

The TON ecosystem already boasts a diverse array of applications, including wallets, DeFi protocols, decentralized exchanges (DEXs), games, NFTs, cross-chain bridges, and social platforms, establishing a strong foundational infrastructure.

Justin Hyun, Director of Growth at TON Foundation, emphasized the collaboration’s potential to bring global access to the decentralized Web3 ecosystem within Telegram. The goal is to make crypto usage seamless and indistinguishable from social media for users.

Steve Yun, President of TON Foundation, expressed confidence in the growth of the TON ecosystem and MEXC as they work towards building a Web3 super-app ecosystem on Telegram, preparing for the next market cycle of bull runs.

Read Also: MEXC Global Launches A New Debit Card To Foster Crypto Adoption In Payment

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• Source: https://alexablockchain.com/mexc-ventures-investment-in-the-open-network/