By
Chimamanda U. Martha
April 25th, 2024
This partnership with TON will allow SafePal’s hardware and software wallet users to store and send the $TON coins and interact directly with TON dApps.
On Wednesday, December 21, Singapore-based wallet developer SafePal announced adding support for The Open Network (TON). The Telegram team had originally designed TON which is now an independent and entirely open community project.
SafePal and TON
This partnership with TON will allow SafePal’s hardware and software wallet users to store and send the $TON coins. The integration would also allow SafePal users to interact directly with TON dApps. At a later stage, SafePal also plans to add support for the $TON coin within its extension wallet.
The latest integration of $TON by SafePal comes just when the Toncoin witnessed a massive rally. Since the beginning of this month, the $TON price has surged by nearly 100%. As of press time, Toncoin ($TON) is trading at a price of $2.41.
On the other hand, STON.fi is emerging as the first DEX of The Open Network and is also tracked by popular market aggregator DeFi Llama. Speaking on the development, Justin Hyun, Head of Incubation at TON Foundation, said:
“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.”
Pushing Further the Partnership
The strategic partnership between SafePal and The Open Network will include the provision of a TON grant for supporting open-source development. Both – SafePal and The Open Network – will work “to drive a secure, open, transparent, and interoperable network that empowers the next level of blockchain adoption”.
The Open Network has also seen some key developments in recent times. In October 2022, Telegram founder Pavel Durov floated the idea of auctioning usernames on The Open Network (TON) blockchain.
Also, the wallet service developed by TON has made it possible to send and exchange tokens seamlessly over P2P and among the users on Telegram. Based on the TON blockchain, Telegram itself has launched a tokenized username auction.
Following the collapse of the crypto exchange FTX last month, a huge majority of crypto investors are opting for self-custody. As a result, the sales of hardware wallets have also soared simultaneously. In the last 14 days, SafePal’s native SFP token price has also surged in value.
Currently, SafePal offers three decentralized wallet solutions that allow crypto users to manage, swap, trade and secure their digital assets. SafePal said that all three wallets can interconnect offering users a great Web3 experience.
Additionally, SafePal is working on its open-source wallet program which will open the SafePal mobile app, browser extension, and other communication protocols on the hardware wallet to third-party developers.