Open Network (TON), a decentralized blockchain platform originally designed by Telegram, has secured significant funding from the joint venture arm of the global cryptocurrency exchange MEXC.
TON has garnered an investment in the eight figures from MEXC Ventures, a subsidiary company of the global cryptocurrency exchange MEXC, the company announced on October 4th. Alongside the funding, MEXC and the TON Foundation have entered into a strategic partnership to promote global adoption and lower entry barriers to Web3 accessibility.
As part of the agreement, the cryptocurrency exchange MEXC will provide marketing and advertising services for TON-based projects listed on its platform. The company is also preparing to launch TON collateralized lending services and eliminate trading fees for the TON token. Justin Hyun, Director of Growth at the TON Foundation, stated, “Previously, the fees were the same for most cryptocurrencies on the exchange.”
Additionally, MEXC Ventures will continue to support smaller TON-based applications alongside ongoing support for TON-based projects such as the Megaton Finance autonomous protocol, TONPlay GameFi platform, Fanzee, and Sonet. MEXC and the TON Foundation are also in discussions about potential funding for a Telegram-based cryptocurrency wallet, Hyun added in a statement.
With the support of MEXC Ventures, the TON Foundation aims to enhance the implementation of the Web3 ecosystem in the Telegram messaging app, Hyun further noted: “This technology must be convenient and user-friendly for anyone, regardless of their knowledge of the blockchain world. With TON on Telegram, cryptocurrency becomes as easy as sending a message.”
Telegram founder Pavel Durov has repeatedly highlighted the role of the TON blockchain in Telegram’s potential Web3 journey. In mid-September, Telegram integrated the TON Wallet as a standalone app, allowing users to access cryptocurrencies like Toncoin (TON), Bitcoin (BTC), and Tether (USDT) directly from the app’s interface. Durov emphasized that the TON technology was developed by an open-source community rather than Telegram itself, and he stressed that the TON Wallet is a third-party application.
Telegram was forced to halt its involvement in TON development in 2020 following a legal battle with U.S. securities regulators.
TON’s investor, MEXC Ventures, is a subsidiary of the MEXC cryptocurrency exchange, established in 2018 and registered in Seychelles, according to data from major cryptocurrency aggregators such as CoinGecko and CoinMarketCap.