MEXC Ventures makes eight-figure investment in Toncoin and launches strategic partnership with TON Foundation

Zug, Switzerland, October 4th, 2023, Chainwire

MEXC Ventures, a subsidiary of MEXC’s global cryptocurrency exchange MEXC, has announced a significant investment in The Open Network, the largest layer-1 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 Web3 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 0% 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 Web3 and true asset ownership. The team is dedicated to transforming TON into an accessible platform as a simple gateway to Web3, 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 Web3 ecosystem within the Telegram app– transforming the social messenger platform into a massive traffic entry point for easy access to crypto 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.”

TON’s native cryptocurrency, Toncoin, is used for executing smart contracts, utilizing decentralized applications (dApps), and participating in governance on TON blockchain….