Team $TON Foundation introduced tokenized bitcoin
The TON Foundation reported that TON Teleport $BTC will allow users to transfer bitcoins to the platform and withdraw them back, significantly expanding user capabilities. The inter-network bridge will enable them to interact with exchanges, lending platforms, and decentralized applications in the network.
According to the project's White Paper, holders of tokenized bitcoin will be able to generate profits by using the asset in the decentralized finance (DeFi) sector, and they are guaranteed high liquidity due to the tie to the first cryptocurrency.
"TON Teleport BTC improves existing methodologies for generating yield and paves the way for a future where the liquidity and utility of bitcoin are enhanced through decentralized systems based on TON," the document states.
According to representatives of the TON Foundation, the tgBTC asset can be used for borrowing stablecoins, supporting liquidity pools, and other operations within the TON ecosystem.
Previously, TONX API, a leading provider of TON API and RPC infrastructure, announced a strategic partnership with major industry players, including Blum, Catizen, CoinGecko, and Google.
