In the beginning, TON was a project that was being developed by Telegram; however, once the messaging service decided to quit it owing to legal action from the SEC, members of the community decided to take over the project.
The native token Toncoin did not experience a significant amount of movement shortly after the announcement.
There has been a collaboration established between the guardians of the TON ecosystem and HashKey Group, which is the parent company of the cryptocurrency exchange with the same name that is licensed in Hong Kong.
Additionally, one of the objectives of the cooperation is to expand the availability of on- and off-ramping of cryptocurrency and fiat currency to users of the wallet service in the messaging app Telegram who are located in the Asia-Pacific region.
In 2018, Telegram began working on the TON blockchain as an internal project. However, two years later, in response to legal action taken by the SEC, the project was abandoned.
Following this, members of the community established the TON Foundation with the intention of carrying on with its growth, with the support of Telegram.
In the first phase of their relationship, HashKey and the Foundation will concentrate their efforts on Hong Kong. However, they have stated that they intend to expand their efforts to other APAC regions in the event that their initial efforts are successful, as stated in an email notification that was sent out on Friday.
Toncoin, the native token of TON, increased by approximately 1.7% in the hour that followed the announcement, but it has decreased by roughly 4% over the past twenty-four hours. As a point of contrast, the CoinDesk 20 Index (CD20), which provides a weighted evaluation of the digital asset market, has experienced a decrease of approximately 1.3% during the same span.
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