HashKey Partners With TON Foundation To Enable Toncoin Cash Conversion Through Telegram

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Notable news: HashKey Group, running one of Hong Kong’s two authorized cryptocurrency exchanges, revealed a partnership with The Open Network (TON) – the blockchain platform developed by Telegram Messenger.

The South China Morning Post states that the collaboration intends to provide a means for individuals in the Asia-Pacific area to swap Toncoin for cash, thereby establishing a way to buy and sell this cryptocurrency.

The accord includes collaborative initiatives on exploring new ecosystem projects, providing mentorship, fostering networking, and engaging in other incubation programs, according to the Open Network Foundation’s announcement.

TON Foundation Prioritizes Compliance 

In 2020, Telegram chose to shut down its TON blockchain project after reaching an agreement with the US Securities and Exchange Commission (SEC), leading to the formation of the Foundation.

In spite of this obstacle, the foundation has persisted in advancing the blockchain technology and has incorporated it into Telegram via a mini application and commercial agreements.

The Foundation strives to keep its distinct persona from Telegram; however, the main advantage of its blockchain is strongly associated with the widely-used messaging platform, which has over 900 million users worldwide.

The TON Foundation considers working with HashKey a valuable chance.HashKey’s focus on regulatory compliance, specifically following KYC regulations, is believed to ease the process of incorporating Toncoin into the Telegram platform.

Steve Yun, president of the Open Network Foundation, underscored the significance of abiding by the rules and expressed optimism about carefully following the regulations to maintain regulatory compliance.

The Foundation believes that Telegram’s “mini app ecosystem” significantly contributes to their blockchain being adopted. Furthermore, the blockchain holds a prime location within the Telegram app, making it the go-to wallet choice in the sidebar by default.

Despite this, the use of cryptocurrency functions in Telegram is limited by regulatory restrictions in some regions, such as the US, China, and Hong Kong.

Asia’s ‘Super App’ Market For Toncoin Adoption

The report states that TON views Asia as an ideal market for growth because of the strong presence of “multi-functional apps” or “super apps.” To capitalize on this trend, TON is teaming up with HashKey. This collaboration intends to utilize the widespread popularity of super apps in the Asian Pacific region, which includes prominent platforms like Line, Kakao, and WeChat.

HashKey has newly introduced a cryptocurrency trading platform on a global scale, obtaining an enhanced authorization from Hong Kong’s Securities and Futures Commission. This license now permits HashKey to offer crypto investment goods to individual consumers.

Significantly, HashKey aspires to exceed Coinbase’s trading volume by the year 2030, establishing itself as a strong contender in the cryptocurrency exchange market.

In the end, the collaboration between HashKey Group and the Open Network Foundation expands opportunities for using Toncoin and exchanging it for cash in the Asia-Pacific area.

Through combining Toncoin with Telegram’s platform, the two parties seek to serve the vast market of approximately millions of Asian users, many of whom are accustomed to the “all-in-one app” concept.

HashKey Partners With TON Foundation To Enable Toncoin Cash Conversion Through Telegram

Right now, the price of TON, the native cryptocurrency of the blockchain, is at $7.14. This represents a small decrease of around 3% in the last day. But if we look at the chart for TON‘s value against the US dollar over the past 24 hours, we notice an impressive uptrend that has been ongoing for the past 30 days. During this timeframe, TON has experienced significant growth, increasing by approximately 63%.

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2024-04-12 21:11