MEXC Ventures Announces Substantial Backing for The Open Network

Along with its sizable contribution to The Open Network (TON), MEXC Ventures also offers support through important strategic partnerships with TON Foundation.

MEXC Ventures, a division of the international cryptocurrency exchange MEXC, recently disclosed its largest layer-1 backing initiative, providing substantial funding to The Open Network. This move is coupled with a strategic alliance between MEXC Ventures and The Open Network (TON) Foundation, aimed at fostering global Web3 accessibility by reducing entry barriers.

Though it’s the largest amount of funding given by the company to date to a layer-1 blockchain, MEXC Ventures hopes that it represents only a portion of its commitment to supporting the expansion of TON’s ecosystem. MEXC Ventures plans to continue participating in the backing of TON-based projects and mini apps. Notably, MEXC Ventures has already backed and nurtured various TON-based projects such as Megaton Finance, Sonet, Fanzee and TONPlay.

Furthermore, MEXC’s exchange will actively promote and offer marketing services for TON-based projects listed on its platform. In an effort to deepen its dedication to The Open Network, the exchange plans to introduce a TON collateral lending service and waive trading costs specifically for Toncoin.

Easing Telegram users into cryptocurrency asset management

TON Foundation acts as a bridge, linking Web3 and genuine asset ownership to approximately 800 million active monthly Telegram users. Its primary goal is to simplify TON as an entry point to Web3, enabling swift and easy access to cryptocurrency assets for a larger audience by offering a more easy-to-navigate platform. Leveraging the support from MEXC Ventures, TON Foundation aims to cultivate a Web3 ecosystem within the Telegram app, transforming it into a significant hub for accessible cryptocurrency asset management.

Justin Hyun, director of growth at TON Foundation, highlighted, “By working with MEXC, we will bring global access to the decentralized Web3 ecosystem in Telegram. Our Foundation is committed to promoting a user-centric experience for The Open Network community. MEXC’s support significantly strengthens our potential to build new tools and services for developers and applications that make crypto feel indistinguishable from social media for users.”

“This investment underlines MEXC’s strong conviction in TON blockchain in building a Web3 super-app ecosystem on Telegram,” mentioned Steve Yun, president of TON Foundation. “We are confident that the TON ecosystem and MEXC will grow together as we build for the next market cycle of bull runs.”

More on Toncoin and the TON ecosystem

Toncoin, TON’s native cryptocurrency, plays a pivotal role in executing smart contracts, utilizing decentralized apps (dapps) and participating in TON blockchain governance. As part of the ecosystem’s growth strategy, a percentage of Toncoin has also been allocated to TON Foundation. With offerings spanning wallets, DeFi protocols, games, NFTs, cross-chain bridges and social media applications, TON’s ecosystem has a robust foundation that lends itself to innovation and expansion.

About MEXC Ventures

MEXC Ventures stands as an extensive fund within the MEXC Group, dedicated to fueling advancements in the cryptocurrency realm through strategic ventures, M&A, FOF and nurturing projects. Embracing the ethos of "discovering opportunities and growing together," MEXC Ventures ensures comprehensive sharing of resources and robust backing for projects. Operating across the U.S., Singapore, Hong Kong and other global regions, the fund boasts over $100 million in assets under management and has supported over 300 portfolio investments.

Individuals and organizations alike can get in touch with MEXC Ventures by emailing their team at investment@mexc.com.

MEXC Website:https://www.mexc.com/

MEXC on X: https://twitter.com/MEXC_Official

MEXC on Telegram: https://t.me/MEXCEnglishMEXC Ventures Website: https://m-ventures.io/