In the initial phase, HashKey and the Foundation are concentrating on Hong Kong for their partnership.

Originally a project by Telegram, TON was taken over by its community after the messaging app abandoned it due to legal issues with the SEC. The value of Toncoin remained stable after the news.

The caretakers of the TON ecosystem have joined forces with HashKey Group, the parent company of the crypto exchange with the same name licensed in Hong Kong. One goal of their collaboration is to enhance the crypto and fiat on- and off-ramping services for users in the Asia-Pacific region accessing the messaging app Telegram.

While the focus of HashKey and the Foundation is currently on Hong Kong, they plan to expand to other APAC markets if their initial endeavors are successful. This was mentioned in an announcement sent out on Friday.

Following the news, Toncoin experienced a slight 1.7% increase in value in the first hour, although it had dropped nearly 4% over the past day. In comparison, the CoinDesk 20 Index (CD20), a weighted measure of the digital asset market, has decreased by around 1.3% in the same timeframe.