Ton Foundation partners with Hashkey to enable crypto on-ramping for Telegram wallet users

Ton (TON) Foundation announced a partnership with crypto exchange Hashkey on Friday to provide on- and off-ramp solutions to Telegram wallet users. The partnership follows Toncoin's rally to break into the top 10 cryptocurrencies by market capitalization.

Read more: Correction: TON price hits new all-time high amid Telegram-related hoax

Ton and Hashkey to support fiat on-ramp in Telegram wallet

Ton Foundation, in another expansion move, partnered with Hashkey to allow users of the wallet feature in Telegram access improved fiat-to-crypto on- and off-ramps. The feature will initially be available in Hong Kong and later expand into other regions.

"This effort seeks to smooth out the process, integrating digital assets more seamlessly into everyday life for people in the Asia-Pacific region with dedicated on- and off-ramps," said the Ton Foundation.

Also read: Telegram kick-starts TON-based ads as Toncoin trades close to all-time high

The partnership also aimed to see the Ton Foundation and Hashkey support new TON-based projects in the Asia Pacific region that have achieved a level of virality through financial and mentorship support. The duo had earlier partnered in a Boost incubation program for mini-app developers within the TON ecosystem.

This comes after the TON Foundation announced it had taken a snapshot to airdrop 300,000 TON worth $2.19 million to meme coin traders in two of its top decentralized exchanges, Ston.fi and DeDust.io.

Meanwhile, TON saw a significant increase in the past thirty days, reaching an all-time high of $7.63 on Thursday before experiencing a correction. TON is currently trading at $6.29, down nearly 13% on the day.

Read more:Bitcoin dramatic downward shift sends altcoins into double-digit losses

With its recent rally, TON flipped Cardano to become the tenth-largest cryptocurrency by market capitalization. The blockchain platform has grown steadily in the past four years despite early setbacks when Telegram dropped it following legal action from the US Securities and Exchange Commission (SEC).