Key Takeaways:
Digital asset custodian and wallet service provider Cubo has announced that it will expand its solutions by integrating The Open Network (TON). This will bring the company’s comprehensive custody solutions to the TON blockchain, including its custodial wallets and multiparty computation wallet technology.
TON Blockchain To Use Cobo’s Technology To Improve Security And Flexibility
Cobo will now support The Open Network’s native Toncoin (TON), Notcoin (NOT), and other stablecoins such as TON-based Tether USD (USDT).
The partnership aims to improve the security and flexibility of digital asset management for institutional clients and expand Cobo’s service offerings to other blockchains.
Cobo’s is a Web3 firm with a regulatory compliance history as an institutional client service provider. Its partnership with TON can be considered a strategic move as Toncoin became one of the 107 cryptocurrencies approved by the Kazakhstan Financial Services and Regulatory Committee (AFSA) to be used in the country.
Lately, TON, which powers Telegram’s new advertising platform, has attracted significant investment from Web3 players looking to tap into its monthly active user base of 800 million.
The instant messaging app’s ad platform, built on the TON blockchain, went live in March. It allows Telegram channels to receive financial rewards in TON from selling advertising and sharing the revenue with their owners.
Mantle Network (MNT) And Bybit Exchange Invest Millions To Capitalize TON’s 800 Million Users
Mirana Ventures, a leading global investment fund and owner of the Bybit cryptocurrency exchange, invested in The Open Network by acquiring $8 million worth of its TON coin. The investment is set to be used for product developments on the network involving the TON Foundation, Bybit, and Mantle Network (MNT).
ByBit has steadily increased its presence in the TON ecosystem over the past year. In 2023, the exchange carried out a cashback and staking program involving Toncoin that is understood to have generated over $22 million in trading volume from around 130,000 users of the messaging app.
The Open Network has a self-custodial wallet called TON Space, which is integrated into the Telegram app. It allows users to manage Toncoin tokens and blockchain-native collectibles. Following Mirana Ventures’ investment, the TON Foundation announced that the wallet will extend support to the Mantle Network, allowing users to transact using TON-based MNT tokens.
This will enable Mantle Network users to access gamified campaigns and advertising offerings by The Open Network on Telegram.
Blockchain Security Experts Warn That TON Is Prone To Phishing Attacks
Despite a boom in popularity and success, TON has seen a rise in phishing attacks on its network.
Yu Xian, the founder of blockchain security firm SlowMist, described the Telegram-based decentralized ecosystem as being “too free” as scandalous links were being spread through message groups, airdrops, and other “deceptive methods”.
Telegram typically requires users to create accounts using their registered phone numbers.
Those who want to protect their privacy can sign up with anonymous numbers. Still, Xian stated that the probability of being a victim of phishing attacks was higher for these users.
Since those accounts are not linked to a SIM card number, once hacked, there is no way to recover data and it could be lost forever, added Xian.
These setbacks are something the TON Foundation is actively working on solving and the integration of Cobo and the Mantle Network can be seen as a strategy to strengthen its security.
Animoca Brands Become Largest TON Validator After Investing Into Its Gaming Infrastructure
The foundation’s president Steve Yun said that several industry players want to gain early mover advantage by allocating capital and tapping into the hottest decentralized ecosystem in the market.
Web3 investment firm Animoca Brands recently became the blockchain’s largest validator after making an undisclosed investment. The stake is understood to have been made directly into Toncoin, delegated as part of the validator agreement.
Animoca conducted extensive research on the prospects of The Open Network’s ability to drive cryptocurrency and GameFi adoption in the mainstream market.
The firm plans to strategically support TON Play, which is a framework that allows gaming applications to be built on the blockchain and launched on Telegram. It also enables porting of existing web-based games to the instant messaging app.
TON was initially developed by Telegram in 2017 and was then known as the “Telegram Open Network”. However, after a lengthy legal battle with the US Securities and Exchange Commission (SEC), the company was forced to abandon the project in May 2020.
Later a small group of open-source developers took over the project and renamed it The Open Network. They established the TON Foundation in 2021 and integrated the protocol into the Telegram app.
At the time of writing, Toncoin (TON) is trading at $7.95 – up 1.05% over the last 24 hours.
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