$BTC The price of TON is under pressure amid preparations for the launch of Teleport Bitcoin

The Open Network (TON) has announced the release of a new synthetic token Bitcoin, TON Teleport BTC, allowing users to directly connect Bitcoin to the TON chain.

The synthetic Bitcoin token will have the ticker tgBTC and will provide TON users with DeFi opportunities, including trading, yield farming, and BTC staking. TON claims it plans to open liquidity of $10 billion for the tgBTC token at launch.

Additionally, tgBTC will maintain a 1:1 peg to the price of Bitcoin, allowing users to redeem their Bitcoin at any time by transferring it to the Bitcoin blockchain.

TON began connecting tokens to its ecosystem earlier this year and successfully integrated USDT. Its team plans to continue this trend by adding other tokens to its platform following the launch of tgBTC.