Cobo, a digital asset custody and wallet provider, has announced that it will support The Open Network (TON). This integration brings Cobo’s comprehensive custody solutions to the TON blockchain, including custodial wallets and multiparty computation wallet technology. Through this collaboration, Cobo will integrate TON’s native Toncoin (TON) token, Notcoin (NOT), and stablecoins such as Tether (USDT).
TON Integration
The partnership between Cobo and TON follows a significant influx of Web3 support for the TON blockchain, which powers Telegram’s new advertising platform. The integration aims to enhance the security and flexibility of digital asset management for institutional clients and expand Cobo’s service offerings. Although incorporating the TON blockchain into Cobo’s services can broaden token support for the wallet provider, TON’s multichain architecture and sharding technology present multiple technical challenges.
Regulatory Compliance
Cobo’s platform has a strong regulatory compliance history as a provider of institutional client services. The partnership is strategic, especially since Toncoin was recently approved by the Kazakhstan Financial Services and Regulatory Committee (AFSA). Following this approval, Toncoin joined a list of 107 cryptocurrencies sanctioned by the government of Kazakhstan.
Security Concerns
Despite the success of the TON ecosystem, there has been a rise in phishing attacks on the blockchain. SlowMist founder Yu Xian highlighted that the Telegram ecosystem is “too free,” with phishing links spread through the platform’s message groups, airdrops, and other deceptive methods. Although the Telegram messenger typically requires phone numbers for account setup, Xian noted that phishing risks are higher for users with anonymous numbers, as their accounts are not linked to SIM cards and can be lost if targeted by bad actors.
The integration of Cobo with TON, alongside regulatory approvals and enhanced security measures, represents a significant step forward in the digital asset management landscape, aiming to balance innovation with user protection.
Source: tradingview.com
