HashKey Group, a prominent provider of digital asset financial services in Asia, has embarked on its first Web3 venture through a strategic partnership with Catizen, a Telegram Mini App. This collaboration aims to develop innovative GameFi products and advance global digital entertainment infrastructure by leveraging The Open Network (TON) ecosystem.
HashKey Group Enters Web3 with Catizen Collaboration
Announced in a press release on Monday, the alliance marks HashKey Global’s initial foray into the Web3 space. HashKey Global, the regulated exchange arm of HashKey Group, will offer Catizen users access to compliant and dependable digital asset services, enhancing their GameFi experience.
TON Ecosystem’s Rapid Growth
The partnership highlights the expanding significance of the TON ecosystem, which has seen notable progress and rising interest from developers. “In recent quarters, we’ve observed a marked increase in developer activity on the TON blockchain, indicating a thriving ecosystem,” said Ben El-Baz, Managing Director of HashKey Global. He attributed the decision to partner with Catizen to the presence of skilled teams working on decentralized finance (DeFi) and gaming projects within the TON network.
📢 We are thrilled to announce our partnership with @CatizenAI as our first Web3 partner! 🌐
— HashKey Global (@HashKey_Global) August 19, 2024
And this is just the beginning—stay tuned for more collaborations between HashKey Global and Catizen! 🐶🐱
Read more 👉 https://t.co/V2fZJJo3Md pic.twitter.com/S6BJMmATYq
Addressing GameFi Challenges
Tim Wong, Chairman of the Catizen Foundation, discussed the challenges faced by the GameFi and Web3 gaming sectors, particularly the issue of game longevity. Many games, both Web3 and traditional Web2, suffer from short lifecycles. Wong emphasized the need for robust data tracking systems to monitor user engagement and guide strategic decisions. “It is essential for third-party platforms to track on-chain interactions and user activity within Catizen,” he noted, adding that Catizen currently has over 120 million daily active users.
New Funding and Partnerships in the TON Ecosystem
The partnership coincides with the launch of TON Ventures, a new venture capital firm that has unveiled a $40 million fund to support early-stage projects within the TON ecosystem. This fund aims to connect investors with developers to foster growth and innovation on the TON blockchain.
Additionally, TON has recently partnered with decentralized data oracle Pyth Network to enhance data delivery for developers on the TON blockchain. This collaboration will integrate Pyth’s advanced oracle data feeds, providing developers with high-quality, real-time price data essential for building robust decentralized finance (DeFi) applications.
TON has also integrated with IntoTheBlock (ITB), a provider of on-chain analytics and DeFi services. In June, Telegram introduced a new digital payment feature called “Telegram Stars,” which supports in-app purchases on both iOS and Android devices.
The recent surge in Telegram’s mini apps, such as Hamster Kombat—a simulator game where players enhance their earnings by purchasing “upgrade cards” and completing quests—illustrates the growing popularity and engagement of Telegram’s ecosystem.