With blockchain integration, TON boosts the security and flexibility of its digital asset custody solutions for institutional clients.
Cobo, a digital asset custody and wallet services provider, intends to assist The Open Network (TON).
This integration introduces Cobo’s comprehensive custody solutions to the TON blockchain, which includes custodial wallets and multiparty computation wallet technology.
Cobo will integrate TON’s native Toncoin (TON) token, Notcoin (NOT), and stablecoins like Tether throughout the collaboration.
TON incorporation
The integration of Cobo and TON results from a significant increase in Web3 support for the blockchain, which is the foundation of Telegram’s new advertising platform.
The objective of the integration is to enhance the security and adaptability of digital asset management for institutional clients, as well as to expand Cobo’s service offerings.
Although the TON blockchain can be incorporated into Cobo’s services to increase the tokens the wallet provider supports, TON’s multichain architecture and sharding technology may present numerous technical challenges.
Adherence to regulations
Cobo’s platform has a history of regulatory compliance as a provider of institutional client services.
Cobo’s partnership with Toncoin is a strategic decision, as the Kazakhstan Financial Services and Regulatory Committee (AFSA) recently approved it.
Toncoin was added to the list of 107 cryptocurrencies that the government of Kazakhstan had approved following the AFSA approval.
Like shooting ‘phish’ in a barrel
SlowMist founder Yu Xian has described a rise in phishing assaults on the blockchain despite the success of the TON ecosystem.
Xian contended on June 24 that the Telegram ecosystem was “too free,” as fraudulent links were disseminated through the platform’s message groups, airdrops, and other “deceptive methods.”
Xian clarified that phishing risks were elevated for users with anonymous phone numbers even though the Telegram communicator typically necessitates that phone numbers be associated with an account.
These users do not have SIM card-linked profiles, which means their accounts may be compromised if they are phished by malicious actors on the platform.
