TON raises 8-figure sum from MEXC to make Telegram a Web3 super-app

cointelegraph.com:

The Open Network (TON) — a decentralized blockchain platform initially designed by Telegram — has secured major funding from the venture arm of the cryptocurrency exchange MEXC.

TON has raised an eight-figure investment from MEXC Ventures — a subsidiary of MEXC’s global cryptocurrency exchange MEXC — the firm announced on Oct. 4. In conjunction with the funding, MEXC and the TON Foundation have entered into a strategic partnership aiming to promote global Web3 accessibility by lowering the barriers of entry.

As part of the deal, the MEXC crypto exchange will provide marketing services and promotion for TON-based projects listed on its platform. The firm is also set to launch a TON collateral lending service and eliminate trading fees for the TON token. “The previous cost was the same for most cryptocurrencies on the exchange,” TON Foundation’s director of growth Justin Hyun told Cointelegraph.

Additionally, MEXC Ventures will continue funding TON-based mini apps in addition to its ongoing support of TON-based projects like the autonomous protocol Megaton Finance, GameFi platform TONPlay, Fanzee and Sonet. MEXC and the TON Foundation are also discussing potential 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 within the Telegram messenger, Hyun said, adding:

Telegram founder Pavel Durov has repeatedly pointed out the role of the TON blockchain in Telegram’s potential Web3 journey. In mid-September, Telegram integrated the TON Wallet as a mini-app, allowing users to access coins like Toncoin (TON), Bitcoin (BTC) and Tether (USDT) directly from the app’s interface. Durov emphasized that the