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TON Foundation Partners with HashKey to Improve Telegram Wallet Access

TON Foundation has forged a partnership with HashKey to enhance the accessibility of fiat on and off-ramps for Telegram wallet users across the Asia-Pacific Region, promoting an “open network” ethos and broadening access to cryptocurrency.

In a joint announcement, TON Foundation and HashKey expressed their ongoing collaboration aimed at enhancing the accessibility and user experience within the TON ecosystem. This collaboration underscores their shared dedication to integrating blockchain technology and cryptocurrency into everyday life.

Livio Weng, COO of HashKey, emphasized their goal of streamlining the fiat on-and-off ramp experience to seamlessly integrate cryptocurrency into daily routines, thereby fostering accessibility and innovation within the TON ecosystem.

Steve Yun, President of the TON Foundation, highlighted the momentum gained by local teams and anticipated the emergence of a new wave of mini-app developers within the TON ecosystem.

Focus Is on the Hong Kong Market

Initially concentrating on the Hong Kong market, TON Foundation and HashKey affirmed their commitment to adhering to all local laws and regulations. They emphasized that achieving success in this primary market would pave the way for expanding their collaborative endeavors to other regions, in line with their mutual aspiration to advance accessible and decentralized financial services.

‘Hong Kong’s Crypto Regulations Might Limit Global Appeal’

Livio Weng, HashKey’s COO, has voiced concerns regarding recent crypto trading regulations in Hong Kong, particularly regarding potential barriers for international clients. These regulations mandated that all crypto exchanges operating in the city must seek regulatory approval by February this year. In response, 24 companies, including major players like Bybit, OKX, and Crypto.com, submitted license applications. Exchanges failing to comply are required to halt services by May.

HashKey currently holds one of two licenses granted for digital asset exchanges in Hong Kong. The other licensee, OSL, recently sold nearly 30% of its stake to BGX. Although specifics are unclear, sources suggest that BGX, described as an unlicensed cryptocurrency group with ties to China, was involved.

Meanwhile, TON Foundation is exploring resources from HashKey Group as a treasury management solution.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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