Quick take:
- The Open Network (TON) has secured an 8-figure fundraising from crypto exchange company MEXC.
- MEXC and the TON Foundation also announced a strategic partnership to promote the global adoption of web3.
- TON and Telegram recently launched the TON Space non-custodial wallet, integrated into the messaging app’s settings.
The Open Network (TON) has announced an eight-figure investment from MEXC Ventures, the investment arm of the crypto exchange platform MEXC. The two companies also launched a global strategic partnership to lower the barriers to entry to Web3.
TON recently expanded its partnership with the popular messaging app Telegram amid the social app’s plans to evolve into a Web3 super app. The two companies recently launched TON Space, a non-custodial crypto wallet accessible from the settings button on the app.
The MEXC investment will further accelerate TON’s campaign for onboarding more users to its ecosystem. In May 2023, TON Foundation launched a $25 million accelerator backed by its $250 million ecosystem fund. The accelerator is meant for projects building on the TON ecosystem.
As part of its strategic agreement with MEXC, the crypto exchange platform will provide marketing services and promotion for TON-based projects listed on its platform. TON has a similar agreement with Telegram following their recent joint project.
MEXC is also planning to launch a TON collateral lending service and eliminate trading fees for the TON token.
MEXC, which already supports TON-based projects Megaton Finance, TONPlay, Fanzee and Sonet, agreed to continue providing funding for TON-based mini-apps, as well as, potential funding for the Telegram crypto wallet.
“The technology should be convenient and easy to use for anyone, no matter their knowledge of the world of blockchain. With TON on Telegram, crypto becomes as easy as texting,“ TON Foundation’s director of growth Justin Hyun told Cointelegraph.
TON’s recent partnerships with Telegram and MEXC expand its addressable market, which could boost its ecosystem growth. Telegram boasts over 700 million users according to Statista, while the MEXC.com platform registered 7.9 million visits in August 2023, according to website metrics and analytics platform Similarweb.
This level of access will also be extended to the projects building on TON, which could help onboard more users to web3 due to the different services they offer.
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