HashKey Group, a prominent digital asset financial services provider in Asia, has announced a strategic alliance with Telegram Mini App Catizen, marking the group’s inaugural partnership in the Web3 arena.

According to a press release, the licensed HashKey Global exchange will offer Catizen users regulatory-compliant and trustworthy digital asset services. This collaboration, centered on the expansion of The Open Network (TON) ecosystem, signifies a pivotal development for both parties as they work together to innovate within the gaming finance (GameFi) sector and build a global digital entertainment framework.

HashKey’s Strategic Move to Partner with Catizen

HashKey’s decision to align with Catizen is deeply rooted in the explosive growth observed within the TON ecosystem. In an exclusive conversation with Cointelegraph, Ben El-Baz, Managing Director of HashKey Global, elaborated on the factors that influenced the firm’s choice:

“In recent quarters, we’ve witnessed a remarkable surge in the number of developers engaging with the TON blockchain, heralding a period of robust and dynamic growth for the ecosystem,” El-Baz remarked.

He noted that numerous seasoned teams are actively contributing to TON projects across decentralized finance (DeFi) and gaming sectors, including initiatives like Catizen.

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Catizen’s Role in the Web3 GameFi Evolution

Tim Wong, Chairman of the Catizen Foundation, shed light on the unique challenges faced by GameFi, particularly in the Web3 landscape:

“The issue of longevity is a significant concern not only for Web3 GameFi but also for traditional Web2 games. The lifespan of any mini-game, or even a highly polished game, is typically fleeting,” Wong explained.

Wong emphasized the critical role of data analytics in gauging user engagement, highlighting the necessity of a robust backend system for informed decision-making and strategic market execution:

“[…] It’s straightforward for third-party platforms to monitor on-chain interactions and user activity within Catizen. Recent data indicates that we currently have over 120 million daily active users (DAUs).”

Launch of the TON Ventures Fund

In a related development, former executives of the TON Foundation announced the launch of the TON Ventures fund on August 14. This new venture capital firm, backed by $40 million in funding, aims to support early-stage crypto projects within the TON ecosystem.

Ian Wittkopp, former director of the TON Accelerator, told Cointelegraph that the venture capital firm would provide “fresh support and capital” to nascent TON-based startups. The firm’s goal is to bridge the gap between investors and builders, fostering accelerated growth and innovation throughout the TON ecosystem.

This collaboration between HashKey and Catizen, alongside the launch of the TON Ventures fund, underscores a collective commitment to nurturing the TON ecosystem, setting the stage for future advancements in digital finance and blockchain-based entertainment.