The integration of TON blockchain on Cobo enhances the security of digital assets.
A provider of digital asset custody and wallet solutions, Cobo has announced its support for The Open Network (TON).
This collaboration brings Cobo's robust custody solutions to the TON blockchain, including custodial wallets and multiparty computation wallet technology.
As part of the integration, Cobo will incorporate TON's native Toncoin (TON) token, Notcoin (NOT), and stablecoins like Tether into its platform. This move follows a significant surge in Web3 support for TON, which powers Telegram's new advertising platform.
The partnership aims to enhance the security and flexibility of managing digital assets for institutional clients while expanding Cobo's service offerings. Despite the potential benefits of adding TON to its platform, Cobo faces technical challenges due to TON's multichain architecture and sharding technology.
Cobo has a track record of regulatory compliance in providing services to institutional clients. The integration with TON comes strategically, especially after Toncoin recently received approval from the Kazakhstan Financial Services and Regulatory Committee (AFSA), joining a list of 107 approved cryptocurrencies in Kazakhstan.
However, despite TON's ecosystem success, there has been an increase in phishing attacks within the blockchain, highlighted by SlowMist founder Yu Xian. On June 24, Xian pointed out vulnerabilities in the Telegram ecosystem, emphasizing risks associated with phishing links in message groups and airdrop scams.
While Telegram typically requires users to link accounts to phone numbers, Xian noted higher phishing risks for users with anonymous numbers, potentially leading to account compromises by malicious actors.
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