TON blockchain on Telegram teams with HashKey in Asia to help users exchange Toncoin cryptocurrency for cash
- HashKey will facilitate the sale and purchase of Toncoin, the native token of the TON blockchain, which was started by Telegram Messenger
- TON Foundation, which now manages the blockchain, is betting on familiarity with ‘super apps’ to drive adoption in Asia
HashKey Group, operator of one of only two licensed cryptocurrency exchanges in Hong Kong, is teaming up with the operator of the blockchain created by Telegram Messenger to give users an on- and off-ramp by exchanging their so-called Toncoins for cash.
The agreement applies to users in the Asia-Pacific region and will see the two organizations work on “new ecosystem projects by providing mentorship, networking opportunities, and other incubation activities”, TON Foundation said in an announcement on Friday.
The foundation governing TON – an acronym that once stood for Telegram Open Network and now means simply The Open Network – was set up after Telegram was forced to abandon the blockchain because of a settlement with the US Securities and Futures Commission in 2020. The separate organisation has continued to develop the blockchain and later integrated it into Telegram through a mini app and business arrangements.
“This is potentially quite massive,” TON Foundation president Steve Yun said. He referenced HashKey’s regulatory compliance as a way to help with know-your-customer (KYC) rules. “We do take strategic steps to make sure we follow the compliance requirements.”
Even as TON has sought to keep itself separate from Telegram, the main utility of its blockchain remains tied to the popular messaging app, which has more than 900 million users globally, according to Yun. While anyone can build mini apps integrating other public blockchains into Telegram, the TON Foundation pays for premium real estate in the app, making it the default wallet option in the sidebar.
However, TON is still grappling with regulatory issues. To avoid complications, it bars people in certain jurisdictions such as the US, China and Hong Kong from using the cryptocurrency function within Telegram.
