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Zodia Custody has integrated the TON blockchain’s Jetton token standard, allowing institutions to hold native TON assets like Ston.fi’s STON.
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Zodia Custody, the institutional crypto custody platform co-owned by Standard Chartered, has enabled institutional support for native assets on The Open Network (TON) using TON’s Jetton token standard.
Announcing the news on Jan. 29, Zodia said that their first asset to go live within the deployment would be Ston (STON), the governance token of the decentralized automated market maker (AMM) Ston.fi.
TON’s Jetton tokens are custom cryptocurrencies created on the TON blockchain, built on TON using smart contracts in a similar way ERC-20 tokens operate on Ethereum.
Zodia’s Jetton integration has been implemented in collaboration with Ston.fi and its backer, CoinFund.
What is the Jetton token standard?
The Jetton token standard is part of the TON blockchain infrastructure and is analogous to Ethereum’s ERC-20 tokens, according to the official TON documentation.
The standard essentially enables one to launch their own tokens — or Jettons — on the TON blockchain, similar to when developers deploy their own tokens on blockchains like Ethereum or Solana.
Comparative analysis of TON, Ethereum and Solana. Source: TON Foundation
According to the TON Foundation, TON’s speed, low transaction costs and scalability are among the key benefits of launching a Jetton on TON.
Zodia wants to promote the adoption of the TON ecosystem
According to Zodia’s announcement, its latest Jetton integration came on the heels of CoinFund seeking third-party custodial support to secure its STON investment.
CoinFund, the United States-based crypto fund, previously announced its undisclosed funding round in Ston.fi in May 2024.
“Zodia Custody’s solutions address CoinFund’s need for reliable custodial support for their Jetton token investment allocations,” the custodian said, adding that the fund is now featuring its custodial services with 24/7 asset availability and institutional-grade security.
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“We are proud to partner with CoinFund in their support of Ston.fi, which underscores our commitment to providing best-in-class custody services to the most reputable names in crypto,” Zodia’s chief risk officer Anoosh Arevshatian said, adding:
“Integrating the Jetton token standard into Zodia Custody’s infrastructure increases optionality for the institutions we service by allowing them to hold assets built on TON Blockchain, promoting broader adoption of the TON ecosystem.”
According to Ston.fi’s chief business development officer, Martin Masser, Jetton custodial support is one of the most frequent questions from its clients.
“With Zodia supporting Jettons, this opens the whole of the TON Ecosystem to investors who are not able to get involved with investment allocations. This enables more institutional users to explore DeFi on TON Blockchain, which they previously couldn’t,” Masser said.
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This article first appeared at Cointelegraph.com News
