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- Integrating the TON blockchain with Cobo provides a comprehensive suite of custody solutions including custodial wallets and Multi-Party Computation (MPC) wallet technology.
- The significant adoption of the Toncoin network, backed by the Telegram messenger, has attracted more Web3 developers and investors, thus fueling bullish sentiments.
Toncoin (TON) network, a fast-growing layer one blockchain backed by a vibrant online community and Telegram messenger, has now integrated with Cobo. Cobo is a leading provider of digital asset custody and wallet solutions. According to the announcement, Cobo will fully integrate with the TON blockchain and its native tokens, such as Notcoin (NOT) and Tether USDT.
Cobo expands its robust custody solutions to include TON Blockchain, integrating #Toncoin, Notcoin, and stablecoins. This collaboration enhances security and flexibility for institutional clients, meeting regulatory compliance standards. With Toncoin's recent approval by… pic.twitter.com/lUJ5r249HP
— Collin Brown (@CollinBrownXRP) July 3, 2024
The Cobo platform has provided web3 developers and institutions with secure and reliable digital asset custody and supports over 3,000 tokens across over 80 blockchains.
“Our integration with TON blockchain broadens our service range to help more institutional clients manage their assets securely and efficiently. This collaboration not only expands our service offerings but also provides TON ecosystem users with a secure infrastructure that they can rely on,” Alex Zuo, VP of Cobo, noted.
Impact of Cobo’s Integration with the TON Ecosystem
The integration of the Cobo and TON ecosystems will provide the latter with custody solutions amid its ongoing mainstream adoption. As a result, the Toncoin network can now compete with top-tier layer one blockchain such as BSC, Solana (SOL), and Ethereum (ETH). John Cheang, Lead of the Asia-Pacific Region at TON Foundation, noted:
Their expertise and innovation in custody technology will enhance the security and flexibility we offer to our users. Through this partnership, we aim to attract more institutional users to the TON ecosystem and leverage the lucrative opportunities on our platform,
A Growing Web3 Ecosystem
The Toncoin ecosystem has grown to a major web3 ecosystem, with more than $723 million in total value locked and over $548 million in stablecoins market cap. As Crypto News Flash previously pointed out, the Toncoin ecosystem is en route to reaching more than 500 million on-chain users backed by Telegram and other investors such as Pantera Capital.
By following the regulatory channel, the Toncoin ecosystem has overtaken legacy blockchains such as Cardano (ADA), and even top meme coin Dogecoin (DOGE). More crypto projects are attempting to launch tap-to-earn games on Telegram similar to the Notcoin (NOT), which has reached more than $1 billion in valuation in less than a year since its official launch.
TON Price
The Toncoin buyers have relentlessly pushed the altcoin price to new higher highs in the past few weeks, thus reaching its all-time high despite the bearish crypto outlook. The large-cap altcoin, with a fully diluted valuation of about $40 billion and a daily average traded volume of around $456 million, has pumped over 17 percent in the past four weeks to trade around $7.81 on Wednesday, July 3, 2024.
From a technical standpoint, TON’s price against the US dollar has been forming an ascending triangle on the daily time frame amid bearish divergence on the Relative Strength Index (RSI). If the TON price falls below the daily 50 Moving Average (MA) and consistently closes below $7, the altcoin will likely continue in a bearish trend toward the support level of around $4.7.
