Crypto asset custody and wallet provider Cobo announced its support for The Open Network (TON). This integration brings Cobo’s comprehensive custody solutions, including custody wallets and multi-party computation wallet technology, to the TON ecosystem. Through this collaboration, Cobo will also integrate the TON network’s native Toncoin (TON) token, Notcoin (NOT), and stablecoin projects like Tether.
What’s Happening in the TON Ecosystem?
The integration between Cobo and TON follows a significant Web3 support influx for the blockchain powering Telegram’s new advertising platform. The integration aims to enhance the security and flexibility of crypto asset management for institutional clients and expand Cobo’s service offerings. While adding the TON blockchain network to Cobo’s services could broaden token support for the wallet provider, the multi-chain architecture and sharding technology of the TON ecosystem may pose several technical challenges.
Cobo’s platform has a regulatory compliance history as a service provider for institutional clients. With Toncoin recently approved by the Kazakhstan Financial Services and Regulation Committee (AFSA), the partnership is a strategic move for Cobo.
Details on the Subject
Following AFSA’s approval, Toncoin joined a list of 107 cryptocurrencies approved by the Kazakhstan government. Despite the success of the TON ecosystem, there has been an increase in phishing attacks targeting the blockchain network, as identified by SlowMist founder Yu Xian.
On June 24, Xian argued that the Telegram ecosystem is overly free, with phishing links spreading through message groups, airdrop events, and other deceptive methods. Although the Telegram app typically requires phone numbers to be linked to an account, Xian explained that users with anonymous numbers face higher phishing risks.
These types of users do not have accounts linked to SIM cards, and as a result, their accounts could be lost if phished by malicious actors on the platform. Following these developments, the user count may decrease, potentially causing a drop in the TON price.
