Cobo, a leading digital asset custody and wallet provider, has expanded its services to include support for The Open Network (TON) blockchain. This strategic integration aims to enhance security and flexibility for institutional clients, offering them a broader range of digital asset management solutions.
Comprehensive Custody Solutions
Cobo’s integration with TON brings its advanced custody solutions, including custodial wallets and multiparty computation wallet technology, to the TON blockchain. The collaboration also includes support for TON’s native tokens, such as Toncoin (TON) and Notcoin (NOT), as well as stablecoins like Tether.
Enhancing Security and Flexibility
This partnership follows a significant influx of Web3 support for the TON blockchain, which underpins Telegram’s new advertising platform. By adding the TON blockchain to its services, Cobo aims to improve the security and flexibility of digital asset management for institutional clients, thereby expanding its service offerings. However, the integration of TON’s multichain architecture and sharding technology may pose some technical challenges.
Regulatory Compliance
Cobo has a strong history of regulatory compliance as a provider of services to institutional clients. The recent approval of Toncoin by the Kazakhstan Financial Services and Regulatory Committee (AFSA) marks a strategic milestone for Cobo. With Toncoin joining the list of 107 cryptocurrencies approved by the Kazakh government, this partnership is well-positioned for success.
Despite the growth of the TON ecosystem, phishing attacks have increased. According to Yu Xian, founder of SlowMist, the Telegram ecosystem’s relative freedom has led to the spread of phishing links through message groups, airdrops, and other deceptive methods. Xian highlighted that while Telegram typically requires phone numbers for account creation, users with anonymous numbers face higher phishing risks. These users do not link their accounts to SIM cards, making them more vulnerable to losing their accounts if targeted by bad actors.
