Summary:
SafePal has become the first hardware wallet solution to support The Open Network (TON), originally designed by Telegram but now an independent, open-source project. This integration allows SafePal users to store, send $TON, and interact with TON dApps through its hardware and software wallets, with future support planned for the extension wallet. The partnership includes a TON grant to support open-source development, emphasizing a secure and interoperable network. Following the FTX collapse, SafePal has seen increased demand for its hardware wallets as more cryptocurrency holders opt for self-custody. SafePal, founded in 2018 and backed by Binance Labs, offers decentralized wallet solutions across 15 languages and 54 blockchains, serving seven million users globally. The @wallet service on TON enables seamless P2P token exchanges within Telegram, and Telegram has launched a tokenized username auction on the TON blockchain.
SafePal becomes the first hardware solution on TON
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.
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