Standard Chartered's Zodia Custody Introduces Jetton Support for Institutional TON Blockchain Assets
On January 29, 2025, Zodia Custody, a crypto custody platform backed by Standard Chartered, announced its integration of the Jetton token standard from The Open Network (TON) blockchain. This development is set to enhance institutional access to native TON assets, marking a significant milestone in the evolving landscape of cryptocurrency custody solutions.
Understanding the Jetton Token Standard
Jetton tokens function similarly to Ethereum's ERC-20 tokens, offering a framework for the creation of customized cryptocurrencies on the TON blockchain. This standard provides users with the ability to issue their own tokens – known as Jettons – showcasing TON’s versatility and efficiency. Built using smart contracts, Jetton tokens leverage the TON blockchain's strengths, such as enhanced speed, lower transaction costs, and robust scalability.
The Inception of STON on TON
STON, the governance token for the decentralized automated market maker Ston.fi, is the first asset to utilize this integration. Ston.fi, with support from its US-based backer CoinFund, collaborated closely in this venture to bring STON to the forefront of institutional investors’ portfolios.
Zodia's Vision for Broader Adoption
The integration of Jetton is aligned with Zodia's strategic focus on facilitating widespread adoption of the TON ecosystem among institutional investors. The need was driven by CoinFund's search for reliable custodial support for their Jetton token investments. With Zodia's solutions, CoinFund’s investments are now bolstered by 24/7 asset availability and top-tier security, providing peace of mind to both investors and institutions alike.
Zodia's chief risk officer, Anoosh Arevshatian, emphasized the significance of this advancement, stating, “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.”
Expanding Institutional Opportunities
Ston.fi's chief business development officer, Martin Masser, highlighted the increasing demand for Jetton support, as more institutional clients express interest in exploring DeFi opportunities on the TON blockchain. With the backing of Zodia Custody, institutional investors can now seamlessly engage with the TON ecosystem, gaining access to investment opportunities that were previously out of reach.
Conclusion
As the digital asset landscape continues to evolve, Zodia Custody's embrace of the Jetton token standard marks a pivotal moment for institutional cryptocurrency engagement. By enabling the custody of native TON assets, Zodia is poised to contribute significantly to the ecosystem’s growth and adoption, providing a blueprint for future innovations in blockchain and crypto custody services.
This strategic integration not only enhances the scope of investment options available to institutions but also underscores the importance of advanced custodial solutions in the rapidly developing crypto sector. Through these efforts, Zodia Custody demonstrates its commitment to driving forward the adoption of cutting-edge blockchain technologies, bridging the gap between traditional finance and the future of digital assets.