In an important development, HashKey Group, which operates one of the two licensed cryptocurrency exchanges in Hong Kong, has announced a collaboration with: open network (TON) is a blockchain operator created by Telegram Messenger.
According to the South China Morning Post reportThe partnership aims to enable users in the Asia-Pacific region to exchange Toncoin for cash, creating an on- and off-ramp to cryptocurrencies.
The agreement also includes joint exploration of new ecosystem projects, mentoring opportunities, networking and other incubation activities, as announced by the Open Network Foundation..
Compliance is a top priority for the TON Foundation
The foundation was established after Telegram decided to abandon the TON blockchain. agreement With the U.S. Securities and Exchange Commission (SEC) in 2020.
Despite this setback, the foundation continued to develop blockchain and integrate it into Telegram. mini app And business preparation.
Although the foundation aims to maintain a separate identity from Telegram, the main utility of Telegram’s blockchain is closely tied to the popular messaging app. 900 million global users.
Cooperation with HashKey is considered an important opportunity for TON Foundation. HashKey’s regulatory compliance measures, particularly in compliance with Know Your Customer (KYC) rules, are expected to facilitate the integration of Toncoin into the Telegram ecosystem.
Steve Yun, president of the Open Network Foundation, emphasized the importance of compliance and expressed confidence that requirements could be met “strategically” to ensure compliance.
The foundation sees Telegram’s “mini-app ecosystem” as an important driver of blockchain adoption. Additionally, blockchain secures premium real estate within the Telegram app. blockchain Default wallet option in the sidebar.
However, the network is facing regulatory issues that limit the use of cryptocurrency features within Telegram to individuals in certain jurisdictions, including the United States, China, and Hong Kong.
Asian ‘super app’ market for Toncoin adoption
According to the report, TON sees Asia as a natural fit for expansion due to the region’s familiarity with the ‘super app’ concept. The partnership with Hashiki aims to leverage the existing ‘super app’ culture prevalent in the Asia-Pacific region, centered on famous platforms such as Line, Kakao, and WeChat.
HashKey recently launched its global service. cryptocurrency exchange We have received an upgraded license from the Hong Kong Securities and Futures Commission, allowing us to sell cryptocurrency-related investment products to individual investors.
In particular, HashKey aims to surpass Coinbase’s trading volume by 2030, establishing itself as a strong competitor in the cryptocurrency exchange landscape.
Ultimately, the partnership between HashKey Group and Open Network Foundation opens new avenues for Toncoin adoption and fiat conversion in the Asia Pacific region.
By integrating Toncoin into the Telegram ecosystem, the two organizations aim to serve millions of potential Asian users who are already familiar with the “super app” concept.
The basic token of the current blockchain is tonis trading at $7.14, reflecting a slight decline of almost 3% over the last 24 hours. However, analyzing the 1-day TON/USD chart reveals a notable upward trend over the past 30 days. During this period, the token achieved significant gains of 63%.
Featured image from Shutterstock, chart from TradingView.com