Zodia Custody, an institutional crypto custody platform co-owned by Standard Chartered, has enabled institutional support for native assets on The Open Network (TON) using its Jetton token standard.
Announcing the news on Jan. 29, Zodia said the first asset to go live would be STON, the governance token of the decentralized automated market maker Ston.fi.
Jetton tokens are custom cryptocurrencies created on the TON blockchain. They are built using smart contracts similar to how ERC-20 tokens operate on Ethereum.
The integration was implemented in collaboration with Ston.fi and its backer, US-based CoinFund.
What is the Jetton token standard?
TON’s Jetton token standard is analogous to Ethereum’s ERC-20 tokens, according to the blockchain’s official documentation.
The standard essentially enables users to launch their own tokens — or Jettons — on the blockchain, similar to how developers can 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, the blockchain’s speed, low transaction costs and scalability are among the key benefits of launching a Jetton.
Zodia wants to promote adoption of the TON ecosystem
According to Zodia’s announcement, the Jetton integration comes on the heels of CoinFund seeking third-party custodial support to secure its STON investment.
CoinFund previously announced an 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,” Zodia said, adding that CoinFund now features its custodial services, which include 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 requests 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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