TL;DR
- Cobo Boosts Security for TON Assets: Leading crypto custodian Cobo integrated the TON blockchain, offering secure storage for TON tokens (TON, NOT, USDT) along with custodial wallets and advanced multiparty computation (MPC) technology.
- Capitalizing on TON’s Rise: Cobo’s move aligns with TON’s recent surge in popularity. TON’s blockchain technology powers Telegram’s new advertising platform, making it an attractive option for institutions.
- Cobo’s Expertise Tackles TON’s Challenges: While integrating TON presents technical hurdles due to its unique multichain architecture and sharding technology, Cobo is well-positioned to address them.
Cobo, a leading digital asset custody and wallet provider, has expanded its services by integrating with The Open Network (TON) blockchain. This strategic move aims to enhance security and flexibility for institutional clients. Let’s delve into the details.
Cobo now supports @ton_blockchain! 💎
With this integration, Cobo brings its extensive custody and wallet solutions to the TON blockchain, including Custodial Wallets and MPC Wallets. 🔒🌐
Learn more about our collaboration here: https://t.co/JN0tXrkSWe#TON #CryptoCustody pic.twitter.com/gO3jeRPrjp
— Cobo (@Cobo_Global) July 3, 2024
Comprehensive Custody Solutions
Cobo’s integration with TON brings comprehensive custody solutions to the blockchain. These include custodial wallets and cutting-edge multiparty computation (MPC) wallet technology.
Cobo strengthens its standing as a dependable custodian by endorsing TON’s native Toncoin (TON) token, Notcoin (NOT), and stablecoins including Tether (USDT).
TON Integration
The decision to integrate with TON follows a surge of Web3 support for the blockchain. TON powers Telegram’s new advertising platform, making it an attractive choice for institutional clients. Cobo aims to improve digital asset management security and expand its service offerings through this collaboration.
Technical Challenges
While adding TON to its services broadens token support, Cobo faces technical hurdles. TON’s multichain architecture and sharding technology require careful implementation. However, Cobo’s expertise in regulatory compliance positions it well to navigate these challenges.
Regulatory Approval
Toncoin received approval from AFSA, the Kazakhstan Financial Services and Regulatory Committee, recently. This approval highlights the importance of Cobo’s partnership with TON. Toncoin is now part of a prestigious group of 107 government-approved cryptocurrencies in Kazakhstan.
Phishing Risks
Even with TON’s achievements, cyber attacks on the blockchain continue to be a problem. Yu Xian, the founder of SlowMist, pointed out that the Telegram platform is “overly permissive.”
Telegram usually associates phone numbers with user accounts. However, users with anonymous numbers face higher phishing risks. Since their accounts aren’t linked to SIM cards, bad actors can compromise them more easily.
Phishing links spread through message groups and airdrops, posing risks to users. Anonymous phone numbers, common among Telegram users, make them vulnerable to such attacks.
In summary, Cobo’s integration with TON enhances digital asset security, but vigilance against phishing remains crucial. As the crypto landscape evolves, robust custodial solutions and regulatory compliance will play pivotal roles in safeguarding investors’ assets.
