Following its Champions Grants earlier in May, the TON Foundation is at the center of a collaboration with Crypto.com.
The TON Foundation With a New Business Partner
The Open Network (TON) Foundation, previously bearing Telegram’s name, continues its expansion efforts by partnering with Crypto.com, gaining access to professional-grade custody solutions for its blockchain.
This will allow customers to stake TON coins and receive rewards whilst being backed by secure capital storage.
The collaboration will also provide clients with access to Jettons, which are fungible tokens (FTs) designed for use within the TON ecosystem for various applications, including DeFi, games, and more. Support for USDT will also be available, along with any future stablecoins that may be issued on the TON network.
This milestone marks yet another development for the ecosystem, which has recently introduced a grants program to fuel adoption and further growth.
TON is a smart contract network specializing in financial applications, capable of processing millions of transactions per second thanks to sharding technology, which enables the load to be spread across multiple parallel chains.
Adoption and TON’s Growth
Eric Anziani, President and COO (Chief Operating Officer) of Crypto.com, had the following to say:
“We continuously invest in our institutional custody offering to provide the best-in-class platform that consistently exceeds the needs of institutional clients globally, from security to capability. We are proud to be selected by TON Foundation to support their custody needs, and we are excited to provide seamless access to TON for our custody clients.”
The Open Network Foundation (TON Foundation) is a nonprofit organization supported and funded entirely by its user base. It was founded in Switzerland in 2023 and acts in the interests of the community by supporting initiatives that help achieve its mission – a decentralized future and self-sovereignty at scale.
The Vice President (VP) of Business Development for the company shared:
“We are excited to become a client of Crypto.com Custody, which gives us the option of leveraging their institutional-grade solutions to securely manage and engage with assets on TON Blockchain.”
The native token of the ecosystem, TON coin, is currently ranked 24th by market capitalization, with a value exceeding $6.8 billion, according to the latest data from CoinGecko.
News of the partnership did not significantly impact the price, which currently stands at around $2.77 at the time of writing. This could be in part due to a misunderstanding about the UAE “Golden Visa,” which was later clarified by TON’s CEO, Max Crown, as an early-stage pilot with a licensed partner, resulting in the price dropping from over $3 to under $2.8 now.
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