SafePal becomes the first hardware solution on TON

Rick Steves

SafePal hardware wallets have found themselves in exploding demand following the collapse of FTX which has prompted more cryptocurrency holders to self-custody their assets.

SafePal has added support for The Open Network (TON), which was originally designed by the Telegram team but is now an independent, fully open-source community project after a legal fight with the US Securities and Exchange Commission.

The support for TON, enables SafePal users to store and send $TON within its hardware and software wallets as well as interacting directly with TON dApps. SafePal will also add support for $TON within the extension wallet at a later stage.

The strategic partnership includes the provision of a TON grant to support open-source development as both parties work together to drive a secure, open, transparent, and interoperable network.

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.”

FTX collapse fueling demand for hardware wallets

SafePal hardware wallets have found themselves in exploding demand following the collapse of FTX which has prompted more cryptocurrency holders to self-custody their assets.

SafePal offers three decentralized wallet solutions that help crypto users manage, swap, trade, and secure their cryptocurrency assets. All three types of wallets can be interconnected, allowing users to explore the web3 world the way they like.

The SafePal team is also preparing its open-source wallet program that will open the SafePal mobile app, browser extension, and communication protocol on the hardware wallet to third-party developers. The wallet provider supports 15 languages, 54 blockchains, and counting.

SafePal was founded in 2018 and is the only hardware wallet investment of Binance Labs, the venture arm of Binance. Serving seven million users with its unique hardware wallets, software wallets, and browser extension wallet product lines, the firm allows users to easily store, manage, swap, and trade their assets.

The @wallet service developed on TON has made it possible for the first time to send and exchange tokens seamlessly over P2P between users within Telegram. Telegram itself recently launched a tokenized usernames auction based on the TON blockchain.

Read this next

Retail FX

Weekly Roundup: John Oliver rips into MetaTrader, Binance to pay $10 billion

Welcome to this week’s roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the week’s most impactful events and trends across these dynamic sectors.

Retail FX

Lark Funding reopens to US traders, MyFundedFX picks cTrader

Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.

Institutional FX

Cboe FX volume falls to lowest level since summer

Cboe’s institutional spot FX platform, known as Cboe Spot, today announced its trading volume for the month ending February 2024, which took a step back after a strong rebound in December.

Retail FX

ThinkMarkets secures lucrative DFSA license in Dubai

Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

Digital Assets

New Horizen Lays Out Its Vision Of A Modular, Proof Verification Layer For Web3 Networks

Horizen is forging a new path for the future of blockchain with its New Horizen initiative, which is building a modular Proof Verification layer that’s dedicated to verifying cryptographic proofs for any settlement layer, beginning with Ethereum. 

Digital Assets

Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

Digital Assets

Worldcoin down as Elon Musk sues OpenAI CEO Sam Altman

Worldcoin’s (WLD) token dropped following news of a lawsuit against related company OpenAI. The lawsuit was filed by Elon Musk and accused OpenAI and CEO Sam Altman of breach of contract.

Institutional FX

Exegy’s Liquidity Lamp adds intraday data to outperform S&P 500 by 31.8%

Exegy has incorporated intraday signals into its AI-powered iceberg order detection tool, Liquidity Lamp. By adding intraday data to a baseline mean reversion strategy, Exegy’s model outperformed the baseline by 10.5% and the S&P 500 (SPY) by 31.8%, respectively in the out-of-sample testing.

Industry News

Think Elon Musk backed your crypto exchange? ASIC’s latest reveal may shock you

In an absolutely shocking turn of events that nobody could have possibly seen coming, the Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill.