MEXC Ventures Annoumnces investment in Toncoin and launches strategic partnership with TON Foundation

The largest layer-1 investment made by MEXC Ventures, a division of MEXC’s international cryptocurrency exchange MEXC, has been revealed as a sizeable investment in The Open Network. In addition, a strategic alliance with The Open Network (TON) Foundation is operational with this contribution. Through lowering entrance barriers, this mutually beneficial relationship embodies the shared objective of both companies to promote global Web3 accessibility.

The investment from MEXC Ventures, which is the largest sum the company has given to a layer-one blockchain, is only a portion of MEXC’s larger initiatives to support TON’s ecosystem’s expansion. MEXC Ventures is planning to keep investing in TON-based mini apps and projects. Examples of TON-based projects the venture firm has already invested in and supported are Megaton Finance, TONPlay, Fanzee, and Sonet. Additionally, MEXC’s exchange will promote and offer marketing services for the TON-based projects they list on their platform. In addition, the MEXC exchange plans to offer a TON collateral lending service soon and will waive trading costs for Toncoin in order to strengthen its commitment to The Open Network further.

TON Foundation connects Web3 and genuine asset ownership to the approximately 800 million active Telegram users monthly by serving as a conduit. The team is committed to making TON an easily navigable platform that serves as a straightforward entry point to Web3, allowing a greater number of people to quickly and easily get cryptocurrency assets. The TON Foundation wants to use MEXC Ventures’ backing to spur the development of a Web3 ecosystem inside the Telegram app, turning the social messaging service into a major hub for simple access to cryptocurrency assets.

“By working with MEXC, we will bring global access to the decentralized Web3 ecosystem in Telegram,” said Justin Hyun, Director of Growth at TON Foundation. “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.”

Toncoin, the native cryptocurrency of TON, is used to run smart contracts, use decentralized apps (dApps), and take part in TON blockchain governance. In order to promote and assist the growth of the ecosystem, a percentage of Toncoin has also been given to the TON Foundation. Wallets, DeFi protocols, games, NFTs, cross-chain bridges, and social media are just a few of the many applications that the TON ecosystem now offers, providing it with a solid basis.

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• Source: https://zycrypto.com/mexc-ventures-annoumnces-investment-in-toncoin-and-launches-strategic-partnership-with-ton-foundation/