SafePal wallet developer announces support for The Open Network (TON)
On Wednesday, December 21, Singapore-based wallet developer SafePal announced the addition of support for The Open Network (TON). The Telegram team originally developed TON, which is now an independent and fully open community project.
The partnership with TON will allow SafePal hardware and software wallet users to store and send $TON coins. The integration will also allow SafePal users to directly interact with TON dApps. At a later stage, SafePal also plans to add TON coin support to its secondary wallet.
SafePal’s latest TON integration came just as Toncoin was witnessing massive growth. Since the beginning of this month, the TON exchange rate has grown by almost 100%.
On the other hand, STON.fi becomes the first open network DEX and is also tracked by the popular DeFi market aggregator Llama. Speaking about development, Justin Hyun, head of incubation at the TON Foundation, said:
“We are excited to include SafePal as the first hardware solution in TON. In addition, we are encouraged by the prospects of SafePal and their move to open source as it builds trust and improves asset resilience.”
The strategic partnership between SafePal and The Open Network will include a TON grant to support open source development. Both SafePal and Open Network will work “to create a secure, open, transparent and interoperable network that will enable the next level of blockchain adoption.”
There have been some important changes in the Open Network recently. In October 2022, Telegram founder Pavel Durov put forward the idea of an auction of usernames on The Open Network (TON) blockchain.
In addition, the wallet service developed by TON allows you to seamlessly send and exchange tokens via P2P and between Telegram users. Based on the TON blockchain, Telegram itself launched an auction of tokenized usernames.
Following the collapse of FTX last month, the vast majority of crypto investors have opted to self-custody their digital assets. As a result, sales of hardware wallets have grown at the same time. Over the past 14 days, the rate of SafePal’s own SFP token has also increased in price.
SafePal currently offers three decentralized wallet solutions that allow cryptocurrency users to manage, exchange, trade, and secure their digital assets. SafePal stated that all three wallets are interoperable, offering users a great Web 3.0 experience.
In addition, SafePal is working on its open source wallet program that will open the SafePal mobile app, browser extension, and other communication protocols in a third-party hardware wallet.
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