Cobo, a digital asset custody and wallet provider, has made an announcement that it will be offering support for The Open Network (TON).
This new integration will bring Cobo’s extensive custody solutions to the TON blockchain, including custodial wallets and multiparty computation wallet technology.
As part of this collaboration, Cobo will be integrating TON’s native Toncoin (TON) token, Notcoin (NOT), and stablecoins such as Tether (USDT).
The integration between Cobo and TON comes after a significant increase in Web3 support for the blockchain, which also powers Telegram’s new advertising platform.
The main goal of this integration is to enhance the security and flexibility of digital asset management for institutional clients and expand Cobo’s range of services.
While adding the TON blockchain to Cobo’s services can broaden token support for the wallet provider, the multichain architecture and sharding technology of TON may pose several technical challenges.
Cobo’s platform has a track record of regulatory compliance as a provider of institutional client services. With Toncoin receiving approval from the Kazakhstan Financial Services and Regulatory Committee (AFSA), the partnership with TON is a strategic move for Cobo. Following the AFSA approval, Toncoin became part of a list of 107 cryptocurrencies approved by the government of Kazakhstan.
Despite the success of the TON ecosystem, there has been an increase in phishing attacks on the blockchain, as noted by SlowMist founder Yu Xian. Xian stated that the Telegram ecosystem was “too free,” with phishing links being spread through the platform’s message groups, airdrops, and other deceptive methods. He explained that phishing risks were higher for users with anonymous numbers, as their accounts could be lost if they were targeted by bad actors on the platform.
In other news, VanEck has filed for a Solana ETF, and the Ether supply has inflated. This and more in Hodler’s Digest, June 23-29.
Integration of TON blockchain bolsters security for digital assets