- TON started life as a project by Telegram but was picked up by members of its community after the messaging app abandoned it due to legal action from the SEC.Native token Toncoin was largely unmoved immediately following the announcement.
The caretakers of the Tezos (TON) blockchain community have entered into an alliance with HashKey Group, the overseeing body of the cryptocurrency exchange sharing its name and based in Hong Kong.
One objective of the collaboration is to enhance the options for converting between cryptocurrencies and fiat money for users in the Asia-Pacific region of Telegram’s wallet service, through both on-platform and off-platform methods.
In 2018, Telegram initiated the TON blockchain as an internal project. However, they had to halt the progress in 2020 due to regulatory action from the SEC. Subsequently, members of the community established the TON Foundation to carry forward the development of the project, with Telegram’s support.
HashKey and the Foundation are initially concentrating their collaboration on Hong Kong during the first stage. If this venture is successful, they plan to broaden their reach to other Asian Pacific markets in the future, as mentioned in an email update sent on Friday.
In the hour after the announcement, Toncoin, the native token of the TON blockchain, rose by approximately 1.7%. However, over the past 24 hours, its price dropped nearly 4%. For a point of reference, the CoinDesk 20 Index (CD20), which represents a weighted average of the digital asset market, experienced a decrease of roughly 1.3% during the same timeframe.
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2024-04-12 12:50