Cobo, a digital asset custody and wallet provider, has announced that it will support The Open Network (TON). 

This integration brings Cobo’s comprehensive custody solutions to the TON blockchain, including custodial wallets and multiparty computation wallet tech.

Through the collaboration, Cobo will integrate TON's native Toncoin (TON) token, Notcoin (NOT) and stablecoins such as Tether.

TON integration

The integration between Cobo and TON follows a large influx of Web3 support for the blockchain, which powers Telegram’s new advertising platform.

The integration aims to improve the security and flexibility of digital asset management for institutional clients and increase Cobo’s service offerings.

Although adding the TON blockchain to Cobo’s services can expand token support for the wallet provider, TON's multichain architecture and sharding tech can present multiple technical hurdles.

Regulatory compliance

Cobo’s platform has a regulatory compliance history as a provider of institutional client services. 

With Toncoin recently being approved by the Kazakhstan Financial Services and Regulatory Committee (AFSA), the partnership is a strategic move for Cobo.

Following the AFSA approval, Toncoin joined a list of 107 cryptocurrencies approved by the government of Kazakhstan. 

Like shooting ‘phish’ in a barrel

Despite the success of the TON ecosystem, there has been a rise in phishing attacks on the blockchain, as described by SlowMist founder Yu Xian.

On June 24, Xian argued that the Telegram ecosystem was “too free,” with phishing links spread through the platform’s message groups, airdrops and other “deceptive methods.”

Although the Telegram messenger typically requires phone numbers to be tied to an account, Xian explained that phishing risks were higher for users with anonymous numbers.

Users of this nature do not have accounts linked to SIM cards, and as such, their accounts can be lost if they are phished by bad actors on the platform.

Source : Cointelegraph - Jul 3, 2024