MEXC Ventures Makes Eight-Figure Investment in Toncoin and Launches Strategic Partnership With TON Foundation
October 4, 2023 – Zug, Switzerland
MEXC Ventures, a subsidiary of MEXC’s global cryptocurrency exchange MEXC, has announced a significant investment in The Open Network the largest layer-one investment the firm has ever made.
This investment works alongside a strategic partnership with The Open Network (TON) Foundation.
This symbiotic partnership represents the shared vision of both companies in promoting global Web 3.0 accessibility by lowering the barriers to entry.
MEXC Ventures’ investment the highest amount it has committed to any layer-one blockchain is just one part of MEXC’s broader efforts to bolster the growth of TON’s ecosystem.
MEXC Ventures’ investment support of TON-based projects, such as Megaton Finance, TONPlay, Fanzee and Sonet, is already well underway, and the venture firm plans to continue funding TON-based mini apps and projects.
MEXC’s exchange will also provide marketing services and promotion for the TON-based projects they list on their platform.
To further empower a commitment to The Open Network, MEXC exchange will also introduce zero-percent trading fees for Toncoin and plan to provide a TON collateral lending service in the near future.
TON Foundation acts as a bridge, connecting nearly 800 million monthly active Telegram users to Web 3.0 and true asset ownership.
The team is dedicated to transforming TON into an accessible platform as a simple gateway to Web 3.0, enabling more users to acquire cryptocurrency assets swiftly and conveniently.
With the support of MEXC Ventures, TON Foundation’s goal is to catalyze the creation of a Web 3.0 ecosystem within the Telegram app transforming the social messenger platform into a massive traffic entry point for easy access to crypto assets.
Justin Hyun, director of growth at TON Foundation, said,
“By working with MEXC, we will bring global access to the decentralized Web 3.0 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.”
TON’s native cryptocurrency, Toncoin, is used for executing smart contracts, utilizing DApps (decentralized applications) and participating in governance on TON blockchain.
Additionally, a portion of Toncoin has been allocated to the TON Foundation to encourage and support the development of the ecosystem.
To date, the TON ecosystem boasts a multitude of applications, spanning wallets, DeFi protocols, DEXs (decentralized exchanges), games, NFTs, cross-chain bridges and social, giving it a well-established foundational infrastructure.
Steve Yun, president of TON Foundation, said,
“This investment underlines MEXC’s strong conviction in TON blockchain in building a Web 3.0 super-app ecosystem on Telegram. We are confident that the TON ecosystem and MEXC will grow together as we build for the next market cycle of bull runs.”
About MEXC
MEXC is a centralized cryptocurrency exchange that employs high-performance matching technology and has consistently maintained a leading position in the field of futures trading in the cryptocurrency industry.
With the lowest trading fees in the market, a professional team providing industry-leading service responses around the clock and a seamless trading experience, MEXC is highly regarded by users in the industry, boasting over 10 million users in over 170 countries worldwide.
Since its inception, MEXC has always adhered to the value of ‘users first.’ Customer satisfaction has always been the guiding criterion.
The fundamental reason for MEXC’s wide acclaim in service is its commitment to achieving customer satisfaction. Visit the official website here, and to sign up, register on MEXC.
About MEXC Ventures
MEXC Ventures is a comprehensive fund under MEXC Group committed to empowering innovations of the cryptocurrency field, via strategic investment, M&A, FOF and project incubation.
MEXC Ventures upholds the concept of ‘discovering opportunities and growing together’ by fully sharing fund resources and providing solid support for projects.
The team spans across the US, Singapore, Hong Kong and other regions of the world, with over $100 million AUM and more than 300 portfolio investments.
About TON Foundation
The Open Network Foundation (TON Foundation) is a non-profit organization founded in Switzerland in 2023.
TON Foundation is 100-percent funded by the community, acting in the community’s interests, and supports initiatives aligned with The Open Network’s mission. Learn more here.
About The Open Network (TON)
The Open Network (TON) is putting crypto in every pocket. By building a Web 3.0 ecosystem in Telegram Messenger, TON is giving billions of people the opportunity to own their digital identity, data and assets.
See more here.
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