On October 4th, 2023, MEXC Ventures, the investment arm of the cryptocurrency exchange MEXC, made a substantial financial commitment to the Telegram Open Network (TON) blockchain project. This eight-figure investment marks a significant milestone for TON and signifies the beginning of a strategic alliance aimed at enhancing global Web3 accessibility while lowering entry barriers.
A Multifaceted Partnership
Moreover, the collaboration between MEXC and the TON Foundation goes beyond financial support, encompassing various initiatives and services.
- Enhanced Promotional Efforts: MEXC’s cryptocurrency platform will intensify its promotional efforts for projects built on the TON blockchain, helping them gain wider recognition and adoption.
- TON Collateral Lending Service: The partnership includes the development of a TON collateral lending service, which could facilitate borrowing and lending activities within the TON ecosystem.
- Elimination of TON Token Trading Fees: Trading fees associated with the TON token will be eliminated, making it more accessible to users. This move aligns TON with other cryptocurrencies on the exchange in terms of trading cost.
- TON-Infused Mini Apps: MEXC Ventures will extend its support to TON-powered mini apps, fostering innovation within the ecosystem.
- Potential Funding for Telegram-Based Crypto Wallet: Discussions are underway regarding potential funding for a crypto wallet integrated into the Telegram messenger, further bridging the gap between messaging and cryptocurrency.
The Vision of TON Foundation
The TON Foundation, with the backing of MEXC Ventures, aims to seamlessly integrate the Web3 ecosystem into the Telegram messenger. Justin Hyun, Growth Head of the TON Foundation, emphasized that with TON on Telegram cryptocurrency transactions will become as simple as sending a text message.
TON’s Evolution and MEXC’s Influence
Pavel Durov, the founder of Telegram, has consistently emphasized TON’s pivotal role in Telegram’s Web3 journey. It’s important to note that while TON’s technology is open-source, Telegram’s direct involvement was limited in 2020 due to legal challenges in the United States.
In addition, MEXC, as a well-established centralized cryptocurrency exchange, brings credibility and experience to this partnership. Founded in 2018 and headquartered in Seychelles, it also boasts substantial trading volumes. Reaching nearly $600 million daily, and holds licenses in Australia, Estonia, and the United States.
Moreover, with MEXC Ventures’ support, Telegram’s foray into the Web3 domain appears promising. However, the true impact of this synergy on global Web3 accessibility will only become clear with time. Lastly, this partnership also has the potential to reshape the landscape of blockchain integration and accessibility within the messaging platform.