Quick take:
The fund seeks to support early-stage technologies including public chains, wallets, and other decentralized tools that are geared toward driving the future of Web3.
The company said the fund also pivots MEXC’s position from consumer-focused to a major player in blockchain infrastructure.
MEXC has been a major contributor to synthetic dollar issuer Ethena, investing $16 million and purchasing $20 million worth of USDe tokens.
Crypto exchange company MEXC is continuing with its transformation from a mere trading platform to a full-scale Web3 ecosystem builder with a new $300 million Ecosystem Development Fund.
Announced at the Token2049 event in Dubai on April 30, the new fund seeks to support early-stage technologies including public chains, wallets, and media platforms as part of the MEXC ecosystem, establishing cooperation between the exchange business and investments.
Commenting on the announcement, Tracy Jin, COO of MEXC exchange said in a statement: “We see this commitment as an opportunity to position MEXC well above its perceived place in the industry as an exchange service. We can and intend to offer much more through this investment, driving businesses and users to our ecosystem with a value offering built on best practices.”
The announcement comes less than two months after the crypto exchange invested $16 million in stablecoin issuer Ethena and bought $20 million with the company’s synthetic dollar token, USDe.
MEXC said in a press release on Thursday that the fund will help with its changing position from a consumer-focused platform to a major player in blockchain infrastructure.
“[The new initiative] will allow projects to attract investments and attain visibility, thus advancing their integration across industry services. This will, in turn, give users access to new services, upping their overall experience and building trust,” MEXC wrote in a press release.
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