SafePal hardware wallet is the first cold-storage wallet to support the TON network.
The partnership intends to offer a $TON grant to encourage open-source projects.
The Open Network ($TON) now gains support from wallet developer SafePal. The integration enables direct communication with TON dApps, to allow users to hold and transfer $TON within SafePal’s hardware and software wallets. In addition, SafePal would provide support for $TON within the extension wallet.
Initially, The Open Network was created by the Telegram team, then abandoned by the TON foundation, and now is an entirely open-source community project. However, on the 28th of October 2022, Telegram introduced an auction for tokenized usernames based on the TON blockchain.
Benefits From the Partnership
The strategic team-up between SafePal wallet and TON intends to offer a $TON award to encourage open-source projects. Also, the @wallet service will assist Telegram users to transfer and swap tokens easily via P2P for the first time. In addition, ‘the two companies will endeavor to create a network that is safe, accessible, transparent, and compatible and enables the next stage of blockchain adoption’.
The Incubation Head of the TON Foundation, Justin Hyun, stated;
We are happy to onboard SafePal as the first hardware solution on TON. Furthermore, we are excited about the prospects of SafePal and their journey to open-source, as this builds greater trust and resilience for the safekeeping of assets.
SafePal hardware wallet sales have skyrocketed due to the demise of the crypto exchange FTX. Also, that has led more cryptocurrency holders to self-custody their funds. The price of SafePal native SFP token has surged during the last 14 days.
Further, at the time of writing, The Open Network ($TON) traded at $2.53 with a market cap of $3 billion. TON’s price has surged over 49% in the previous 30 days and has 24 hours of trading volume of $39 million.