Crypto wallet service provider SafePal announced today that it has added support for The Open Network (TON) blockchain ecosystem. The integration will enable SafePal’s users to store and send $TON through their hardware and software wallets, alongside giving them access to the Decentralized Applications (DApps) on TON’s ecosystem.
TON was first launched by Telegram but the team later abandoned the project due to mounting pressure from the U.S authorities. However, on the brighter side, the transition to an independent and fully open-source platform has opened up TON’s ecosystem to more Web3 projects; the integration with SafePal is the latest fundamental development.
According to the press release, TON has also committed a grant provision that will be used to spur the development of open-source infrastructures. Ideally, both projects are set to collaborate on multiple fronts to build a secure, open, transparent, and interoperable network that can handle the next era of blockchain adoption.
Justin Hyun, Head of Incubation at TON Foundation, said that the partnership will be significant in setting the stage for open-source infrastructures and non-custodial wallet solutions,
“We are happy to onboard SafePal as the first hardware solution on TON. Furthermore, we are excited about the prospects of SafePal and their journey to open-source, as this builds greater trust and resilience for the safekeeping of assets.”
This milestone coincides with the growing demand for non-custodial solutions, with most crypto natives withdrawing their funds from centralized crypto exchanges following the FTX debacle. SafePal’s hardware wallet sales have increased during this period, ultimately boosting the value of its native token $SPL which has been on an uptrend for the past two weeks.
The TON blockchain project is also getting lots of attention from major stakeholders in the crypto ecosystem. For starters, they recently got into a partnership with multi-stage Web3 investment firm DWF Labs. In addition, Telegram officially launched a P2P auction marketplace for tokenized usernames and channels, currently running on the TON blockchain.
In the future, both SafePal and TON plan on expanding their crypto product suite. The former is already making plans to debut an open-source program that will allow third-party developers to use its hardware wallet open-source infrastructures. Meanwhile, the TON ecosystem recently welcomed its first DEX STON.fi, currently being tracked by market aggregator DeFi Llama.