NOWPayments is thrilled to announce a new unique tool: custody-as-a-service, now available via an integration with The Open Network (TON).
What is Custody-as-a-Service?
Custody-as-a-service is an innovative way for businesses to integrate crypto into their flows.
It combines billing, recurring payments, and mass payouts, all in crypto.
The way it works, it allows projects to create deposit accounts for their users so that they can interact with each other and with the project without leaving the ecosystem. Now, if projects integrate this solution, their users will be able to deposit $TON to their accounts and use it right there.
How does Custody-as-a-Service work with TON?
Any project that wants to integrate TON can sign up with NOWPayments and opt for the “Custody” tool. With Custody enabled, projects can set up deposit accounts for their users. These accounts are randomly generated, and no one has access to these private keys. Users are able to deposit $TON, send it to other users in the ecosystem, receive $TON tips, as well as withdraw $TON to their own wallets. Projects, in their turn, can receive $TON recurring payments and withdraw or even convert to fiat.
Who uses Custody-as-a-Service?
This solution is popular among such industries as gaming, metaverses, marketplaces, SaaS providers, nodes, and more. Some of NOWPayments partners are using the solution and their transaction volume has increased x11.
Custody-as-a-Service Potential
At the same time, Custody-as-a-Service potential extends beyond these examples above.
- Banks can use custody-as-a-service to integrate cryptocurrencies
- Social networks can benefit from it by allowing their users to deposit crypto and pay for subscriptions.
- For example, Telegram Premium could use Custody-as-a-Service to allow its users to have $TON deposit accounts and pay for the subscription, as well as send tips to each other and receive $TON from Telegram itself – thus onboarding more $TON users.
Basically, any subscription-based model can use custody-as-a-service to streamline their processes and offer a wider range of opportunities for users.
About The Open Network (TON)
The Open Network (TON) is a revolutionary technology to unite all blockchains and Web2 Internet into one open network. It was born to empower billions of Telegram users with genuine Web3. Originally introduced by the Telegram team inheriting its freedom and openness ethos, it has been run as an open-source community project since 2020. TON’s layer-1 architecture is designed to scale up to 2 to the power of 32 workchains, each of which can be subdivided into up to 2 to the power of 60 shardchains. It can support millions of transactions per second near-instantly.
Telegram has helped people stay connected. TON will transform the communities into economies. Learn more: https://www.ton.org
Recently, TON gathered attention by collaborating with Tether and presenting their own stablecoin – USDt on Ton. Read more about this pivotal moment and participate in no-fee promotion from our partner – ChangeNOW:
– USDt TON Listing and ChangeNOW Promotion!
About NOWPayments
NOWPayments is a non-custodial crypto payment gateway that lets you accept payments in 160+ cryptocurrencies, including $TON, with auto coin conversion available. Regardless of what crypto customers pay with, merchants can choose to accept the coins they prefer — NOWPayments converts them automatically.