Cobo Integrates TON Blockchain to Enhance Security for Institutional Clients
Cobo, a provider of digital asset custody and wallet services, has announced its integration with The Open Network (TON) blockchain. This move aims to enhance security and flexibility for institutional clients by incorporating TON’s native Toncoin (TON), Notcoin (NOT), and stablecoins like Tether (USDT).
Enhancing Custody Solutions
The integration includes Cobo’s comprehensive custody solutions, such as custodial wallets and multiparty computation wallet technology. This collaboration is part of a broader effort to expand Cobo’s service offerings and improve digital asset management for institutional clients.
Strategic Integration with TON
The partnership with TON comes amid growing support for the blockchain within the Web3 community, particularly as it powers Telegram’s new advertising platform. The integration will provide Cobo’s clients with increased token support, despite the technical challenges posed by TON’s multichain architecture and sharding technology.
Regulatory Compliance and Strategic Positioning
Cobo has a history of regulatory compliance, which bolsters its reputation among institutional clients. The recent approval of Toncoin by Kazakhstan’s Financial Services and Regulatory Committee (AFSA) is a strategic advantage for Cobo. This approval adds Toncoin to a list of 107 cryptocurrencies sanctioned by the Kazakh government, reinforcing the legitimacy and regulatory compliance of the assets supported by Cobo.
Addressing Security Challenges
Despite the success of the TON ecosystem, it has faced an increase in phishing attacks, as highlighted by Yu Xian, founder of SlowMist. These attacks exploit the “free” nature of the Telegram ecosystem, spreading phishing links through message groups and airdrops. Xian pointed out that accounts with anonymous numbers, which are not linked to SIM cards, are particularly vulnerable to phishing risks, as they can be easily compromised by malicious actors.
The integration of TON into Cobo’s services aims to mitigate these risks by providing a more secure and robust platform for managing digital assets.
