TON Foundation Teams Up With HashKey to Drive Crypto On-Ramping in Telegram
HashKey and the Foundation are focussing their partnership on Hong Kong in the first phase
Apr 12, 2024 at 9:35 a.m. UTC
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- 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 stewards of the TON ecosystem have formed a partnership with HashKey Group, the parent company of the Hong Kong-licensed crypto exchange of the same name.
One of the aims of the partnership is to increase provision for on- and off-ramping of crypto and fiat to Asia-Pacific users of the wallet service in messaging app Telegram.
The TON blockchain started life as an in-house project by Telegram in 2018 but was abandoned two years later following legal action from the SEC. Members of the community then formed the TON Foundation to continue its development, with Telegram's endorsement.
HashKey and the Foundation are focussing their partnership on Hong Kong in the first phase but say they will expand to other APAC markets should their initial efforts prove a success, according to an emailed announcement on Friday.
TON's native token, Toncoin climbed around 1.7% in the hour following the announcement, down nearly 4% in the last 24 hours. For comparison, the CoinDesk 20 Index (CD20), which shows a weighted measurement of the digital asset market, has declined around 1.3% in the same timeframe.
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Jamie Crawley is a CoinDesk news reporter based in London.