MEXC Ventures Makes Strategic Investment in The Open Network (TON)
The Open Network (TON) has received a sizeable investment from MEXC Ventures, the venture arm of the global cryptocurrency exchange MEXC. According to a press release, this is the company’s largest layer-1 investment to date. However, it did not reveal the value of the investment. Furthermore, this is part of a larger strategic engagement with The Open Network (TON) Foundation.
Details and relevance of the partnership
By bridging the gap between the over 800 million monthly active Telegram users and Web3 and actual asset ownership, the TON Foundation is an invaluable partner to MEXC. The Foundation is working to make TON an approachable platform as a simple entry point to Web3, allowing more users to quickly and easily buy crypto assets.
To date, the TONNE ecosystem has amassed an abundance of applications in the Web3 ecosystem across a wide range of use cases. They include wallets, DeFi protocols, decentralised exchanges (DEXs), games, NFTs, cross-chain bridges, and social.
With MEXC’s backing, TON is better positioned to create developer tools and services and consumer applications that enable simple transition between the social media space and crypto. MEXC Ventures’ investment in TON is the largest it has ever made in a layer-one blockchain, and it’s just one component of the company’s larger push to encourage development in the TON ecosystem.
In addition to previously funded TON-based mini apps and projects, including Megaton Finance, TONPlay, Fanzee, and Sonet, MEXC Ventures intends to continue providing financing support for TON-based projects. MEXC exchange will also offer a platform for marketing and promoting TON-based projects listed on the exchange.
Toncoin is the native cryptocurrency of the TON blockchain and can be used to perform smart contract execution, utilise dApps, and vote in TON governance. Additionally, a percentage of Toncoin has been set aside for the TON Foundation to build and sustain ecosystem growth. MEXC exchange will also launch TON collateral lending service and 0% trading costs for Toncoin to further strengthen a commitment to The Open Network.
Both companies see this relationship as a way to further their goals of making the Web3 more accessible on a global scale.