Home Coin news Toncoin Boosts Digital Asset Security

Toncoin Boosts Digital Asset Security

03 Jul, 2024 Coin news

Toncoin Boosts Digital Asset Security

Cobo, a provider of digital asset custody and wallet services, has announced its support for The Open Network (TON).

This partnership brings Cobo’s extensive 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.

The integration between Cobo and TON comes after a significant increase in Web3 support for the blockchain, which powers Telegram’s new advertising platform.

The goal of this integration is to enhance the security and flexibility of digital asset management for institutional clients and expand Cobo’s range of services.

While adding the TON blockchain to Cobo’s services can broaden token support for the wallet provider, TON's multichain architecture and sharding technology can present various technical challenges.

Cobo’s platform has a history of regulatory compliance as a provider of services to institutional clients.

With Toncoin recently being approved by the Kazakhstan Financial Services and Regulatory Committee (AFSA), this partnership is a strategic move for Cobo.

Following the AFSA approval, Toncoin was added to a list of 107 cryptocurrencies approved by the government of Kazakhstan.

Despite the success of the TON ecosystem, there has been an increase in phishing attacks on the blockchain, as noted by SlowMist founder Yu Xian.

On June 24, Xian argued that the Telegram ecosystem was “too free,” with phishing links spread through the platform’s message groups, airdrops, and other “deceptive methods.”

Although the Telegram messenger usually requires phone numbers to be tied to an account, Xian explained that phishing risks were higher for users with anonymous numbers.

These users do not have accounts linked to SIM cards, making their accounts vulnerable to loss if phished by bad actors on the platform.

Sources:

https://cointelegraph.com/news/cobo-integrates-ton-blockchain

https://www.cobo.com/post/cobo-ton-integration

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