What’s Interesting Today:
Telegram's blockchain project, The Open Network (TON), has received a significant investment from MEXC Ventures, the investing arm of the MEXC cryptocurrency exchange. This eight-figure investment aims to enhance global Web3 accessibility and reduce entry barriers. This partnership is not solely financial; MEXC will increase its promotional efforts for TON-based projects, introduce a TON collateral lending service, and eliminate trading fees for the TON token. They are also considering funding a Telegram-based crypto wallet. MEXC Ventures' support aligns with the TON Foundation's goal to integrate the Web3 ecosystem into Telegram, making crypto transactions as simple as sending a text. While TON is pivotal to Telegram's Web3 journey, its direct participation was limited in 2020 due to legal issues in the US. MEXC, established in 2018, is a renowned crypto exchange with a daily trading volume nearing $600 million. With MEXC Ventures' backing, Telegram's Web3 future appears bright, but the real impact of this partnership on global Web3 accessibility remains to be seen.
The Bank for International Settlements (BIS), in collaboration with central banks from the Eurosystem, has launched Project Atlas. This initiative aims to explore the economic impact of crypto assets and decentralized finance (DeFi). The project will gather data from crypto exchanges and public blockchains, focusing on standardizing data collection and analysis. The data in the crypto sector is currently dispersed and often non-standardized. Project Atlas will use transactions between crypto exchanges on the Bitcoin network to understand cross-border capital flows. This move is part of a larger trend where central banks and financial institutions are striving to comprehend and regulate the burgeoning crypto industry. The BIS also highlighted the need for clear legal frameworks around central bank digital currencies (CBDCs). Project Atlas represents a continuous effort by global financial entities to grasp and potentially regulate this emerging technology.