HashKey and Catizen join forces in TON ecosystem expansion

HashKey Group’s collaboration with Catizen on the TON ecosystem marks a significant step in Web3 and GameFi development.

HashKey Group, a digital asset financial services provider in Asia, has announced its partnership with Telegram Mini App, Catizen, becoming the group’s first Web3 partner.

A press release shared with Cointelegraph states that the licensed HashKey Global exchange will provide Catizen users with regulatory “compliant and reliable digital asset services.”

The collaboration, which “will focus on the Ton ecology,” marks a milestone for both entities as they work cooperatively to develop gaming finance (GameFi) products and “global digital entertainment infrastructure.”

Related: Lower interest rates could be the key to DeFi summer: HashKey CEO

HashKey’s decision to choose Catizen

The digital asset firm’s decision to collaborate with Catizen resulted from The Open Network (TON) ecosystem’s rapid growth.

In an exclusive interview with Cointelegraph, Ben El-Baz, managing director of HashKey Global, explained the factors that led the firm to partner with Catizen:

“Over the past one or two quarters, the number of developers on the TON blockchain has rapidly increased, signaling the arrival of a thriving and prosperous period for the ecosystem.”

El-Baz stated that he “observed many experienced teams” working on Ton projects in decentralized finance (DeFi) and “games like Catizen.”

Related: Ex-TON Foundation execs launch $40M TON Ventures fund

Catizen and Web3 GameFi

Tim Wong, chairman of the Catizen Foundation, discussed the challenges of GameFi and its implications for Web3 games:

“The issue of longevity impacts not only Web3 GameFi but also Web2 games. The lifecycle of any mini-game, or even a well-crafted game, is typically short.”

Wong highlighted the importance of data tracking for measuring user engagement, citing “a well-designed back-end system” as crucial for a project’s decision-making and market strategy implementation:

“[…] it is easy for third party platform to collect the onchain interactions and onchain users in Catizen. The latest data shows we have over 120M DAUs [daily active users] at present.”

Related: Hong Kong central bank forms community to explore asset tokenization

Launch of TON Ventures fund

On Aug. 14, former TON Foundation executives launched the TON Ventures fund, a new venture capital (VC) firm with $40 million in funding to support early-stage crypto projects on TON.

Ian Wittkopp, the former director of TON Accelerator, told Cointelegraph that the VC firm would provide “new support and capital” to early-stage TON-based startups.

The VC firm aims to connect investors with builders to facilitate accelerated growth and innovation throughout the TON ecosystem.

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