MEXC establishes a $300 million Web3 fund... Plans to invest $60 million annually

Minseung Kang

Summary

MEXC exchange announced plans to launch a Web3 ecosystem development fund totaling $300 million to focus on investing in early blockchain technology and infrastructure.
The fund expressed high interest in early projects based on core technologies such as stablecoins, DeFi infrastructure, and blockchain networks, and will operate on an invitation-based method.
MEXC explained that it has previous experience investing in major projects such as the DeFi-based stablecoin USDe issuer.

Global cryptocurrency exchange MEXC is launching a Web3 ecosystem development fund totaling $300 million.

According to Cointelegraph, a cryptocurrency media outlet, MEXC officially announced the fund's establishment at the Token2049 event held in Dubai on the 1st (local time). The fund will focus on investing in infrastructure areas such as early-stage blockchain technology, public chains, cryptocurrency wallets, and decentralized tools over the next five years. MEXC explained that it plans to invest approximately $50 million to $60 million annually.

Tracy Jin, MEXC's Chief Operating Officer (COO), said, "The key is to discover strategic partners who can grow into AAA-grade projects within 3 to 5 years, beyond just interesting ideas or developers."

COO Jin emphasized a high interest in early projects based on core technologies such as stablecoins, DeFi infrastructure, and blockchain networks. Previously, MEXC invested a total of $36 million ($20 million in USDe and $16 million in Athena) in Athena Labs, the issuer of the DeFi-based stablecoin USDe, in February.

This fund will operate on an invitation-based method rather than an open application method.

MEXC stated, "The era of receiving investments through simple applications is over," and "Projects that cannot attract the attention of the investment team will naturally be excluded."