In the past, Telegram has expressed its ambitions in the fledgling Web3 industry. So far, there were just talks of developments and projects. But now, Telegram seems to have secured its funding to achieve its goals. The social media platform designed ‘The Open Network’ (TON) to foray into the crypto space. TON, following the suit, commenced a global cryptocurrency exchange MEXC. Today, the cascading expansion of Telegram has brought fruition to its big objective.
Telegram Materializing Its Web3 Vision
On October 4, MEXC Ventures, a subsidiary of the exchange MEXC made a big announcement. It declared that the company has entered a strategic partnership with the TON Foundation. This step will promote global Web3 accessibility and Telegram will lead the development. According to the deal, MEXC exchange will offer its marketing solutions to TON-based projects. The firm will also roll out a collateral lending service on the TON network.
Besides providing the services, it would do away with the fee as well. The exchange used to charge some fee for this service earlier. Justin Hyun, the director of TON Foundation, gave these details in an interview. Moreover, MEXC Ventures will bankroll TON-based mini apps too. In fact, it is already providing financial support to many ongoing projects. Some of them are Sonet, Fanzee, GameFi platform TONPlay, and autonomous protocol Metaton Finance.
Hyun also remarked that both entities are discussing funding prospects for a crypto wallet on Telegram. He stated that the support of MEXC Ventures will be instrumental in Telegram’s aspirational projects. It will facilitate the development endeavors and make the adoption of the technology easier. He also said that TON on Telegram will make crypto usage as easy as texting.
Telegram founder Pavel Durov has underlined the significance of TON in Telegram’s Web3 journey many times. Last month, Telegram integrated the TON wallet as a mini-app. It allows users to seamlessly access digital assets like Toncoin, Tether, and Bitcoin. He said that even if Telegram started TON, it has been developed by the open-source community. Initially, the former was involved in the development. However, the SEC forced it to exit following a legal battle.
Data from major crypto aggregators revealed that MEXC Ventures is registered in the Seychelles. It was founded in 2018 as a child company of the crypto exchange MEXC. Notably, some users reported certain issues with the exchange. According to them, a warning dialog box cautioned that the platform isn’t complying with KYC norms.
What Does it Mean For Web3 Space?
Web3 is one of the fastest-emerging technology with limitless possibilities. Using blockchain, it decentralizes and democratizes the internet. With this technology, the webspace becomes more inclusive and secure at the same time. Since it uses a decentralized ledger, the role of crypto projects is instrumental here. Therefore, the involvement of Telegram certainly speeds things up.
In all likelihood, it will pave the way for betterment in technology. With its ubiquity and technological might, this social media platform can ensure better outcomes. This funding is definitely a good start for the whole industry.
