MEXC Ventures, a subsidiary of global cryptocurrency exchange MEXC MEXC, announced a significant investment in The Open Network, the largest Tier 1 investment the firm has ever made. This investment is combined with a strategic partnership with The Open Network (TON) Foundation. This symbiotic partnership reflects both companies’ shared vision to promote global accessibility of Web3 by lowering barriers to entry.
As part of the deal, TON has attracted “eight-figure investments,” the statement said. Also, the MEXC crypto exchange will provide marketing services and promotion of TON-based projects presented on its platform.
The cryptocurrency exchange intends to launch a TON-secured lending service and eliminate trading fees for the Toncoin (TON) token. Previously, fees for transactions with this cryptocurrency were the same as for most other assets on the MEXC exchange, TON Foundation development director Justin Hen said in an interview with the publication.
“By working with MEXC, we will provide global access to the decentralized Web3 ecosystem on Telegram,” said Justin Hoehn, Chief Development Officer of the TON Foundation. “Our foundation is committed to promoting the user-centric experience of the Open Network community. MEXC’s support greatly enhances our ability to create new tools and services for developers and applications that make cryptocurrency indistinguishable from social networks for users.”