TON raised an 8-figure sum from MEXC to make Telegram the Web3 super app. Telegram founder Pavel Durov has repeatedly pointed out the role of TON Blockchain in Telegram’s potential Web3 journey. Meanwhile, CMCC Global raised $100 million for Hong Kong-based crypto companies.
The Open Network received huge investment from crypto exchange MEXC
The Open Network (TON), a decentralized blockchain platform originally designed by Telegram, has received an eight-figure investment from MEXC Ventures, a subsidiary of global cryptocurrency exchange MEXC. The company announced this important development on October 4. In conjunction with the funding, MEXC and the TON Foundation will lower barriers to entry into Web3. Thus, it entered into a strategic partnership aimed at promoting global Web3 accessibility.
Under the agreement, MEXC will provide marketing services and promotion for TON-based projects listed on its platform. The firm will also launch a TON collateral loan service. In this context, it will eliminate transaction fees for TON. “The previous cost was the same for most cryptocurrencies on the exchange,” said Justin Hyun, director of growth at the TON Foundation.
What do the parties aim for through cooperation?
Additionally, MEXC Ventures will continue to fund TON-based mini-applications, in addition to its ongoing support of TON-based projects such as autonomous protocol Megaton Finance, GameFi platform TONPlay, Fanzee and Sonet. MEXC and the TON Foundation also discussed potential funding for a crypto wallet on Telegram, Hyun said. Additionally, Hyun said that with support from MEXC Ventures, the TON Foundation aims to increase the adoption of the Web3 ecosystem within the Telegram messaging program. In this regard, he made the following statement:
The technology should be useful and easy to use for everyone, regardless of their knowledge of the Blockchain world. With TON on Telegram, crypto becomes as easy as texting.
About the altcoin project and crypto exchange
Telegram founder Pavel Durov has repeatedly pointed out the role of TON Blockchain in Telegram’s potential Web3 journey. In mid-September, Telegram integrated TON Wallet as a mini app. Thus, it enabled users to access altcoin tokens such as Bitcoin, Toncoin (TON), Tether (USDT). Durov emphasized that TON technology was developed by the open source community rather than Telegram. In this vein, he said that TON Wallet is a third-party application.
As you follow from Kriptokoin.com, Telegram entered a legal battle with securities regulators in the USA in 2020. Following this, TON was forced to terminate its involvement in the development process. According to data from major crypto aggregators such as CoinGecko and CoinMarketCap, TON’s investor, MEXC Ventures, is a subsidiary of MEXC, a centralized cryptocurrency exchange founded in 2018 and registered in the Seychelles. Some people in the crypto community are reporting that they are encountering certain issues with MEXC. Therefore, it warns users about the risks of using a non-Know Your Customer exchange.
I highly suspect that @MEXC_Global is market making themselves in their own exchange. If you manage to be profitable on their exchange (take money off their mm)they will ban you and use every reason under the sun to keep your funds. Stay away from this exchange @MEXC_CEO
— glimmery (@Glimmerycoin) April 29, 2023
Crypto exchange MEXC processes approximately $600 million in daily transactions. The exchange says it is licensed in Australia, Estonia and the United States. Additionally, it claims to serve users in 200 countries.
CMCC Global raises $100 million for crypto companies
Blockchain-focused venture capital firm CMCC Global has raised $100 million for a new fund. This fund will invest in Web3 companies based in Hong Kong. According to the statement, Titan Fund will make early-stage investments in companies in Web3 sectors such as gaming, metaverse and Non-Fungible Tokens (NFT). State Street will serve as the fund’s manager and EY will serve as its auditor.
The fund’s lead investor is Block.one (B1), which has committed $50 million along with Richard Li’s Pacific Century Group, Winklevoss Capital (Tyler and Cameron Winklevoss’ company), and Animoca Brands founder Yat Siu. B1 will also become a minority shareholder in the holding entity of CMCC Global. Hong Kong stands out with a new regulatory regime that came into force in June. In this way, it is re-establishing itself as a crypto hub. This makes it an attractive place for investments from major VC players in the crypto industry.
Follow us on Twitter, Facebook and Instagram and join our Telegram and YouTube channels to be instantly informed about the latest developments!
51688
