Coinspeaker TON Foundation Announces TON Teleport BTC to Enhance Bitcoin Utility
The Open Network (TON) Foundation is enhancing Bitcoin’s utility in its ecosystem. The organization has announced the launch of TON Teleport BTC, an infrastructure that offers a secure bridge facilitating seamless Bitcoin transfers to and from the TON network.
The official post on social media platform X reveals that this initiative is planned for release later this year. TON Teleport BTC will change the way Bitcoin holders interact with the TON blockchain, according to the announcement.
With this upgrade, Bitcoin holders will be able to participate in decentralized finance (DeFi) activities. The initiative will enable them to use BTC in TON-based decentralized exchanges (DEXs), and lending protocols, and engage in various other financial protocols. The Telegram-focused blockchain states that TON Teleport BTC aims to “set the stage for future integrations, paving the way for a truly interconnected blockchain ecosystem.”
One of the standout features of the initiative is that it is totally backed by actual Bitcoin, pegged through the teleport process to ensure secure transactions. TON’s core technical lead, Anatoliy Makosov, explained the transformative potential of the TON Teleport BTC, stating:
“This decentralized and secure technology operates without intermediaries or limits. All transactions are executed via smart contracts and verified by TON blockchain validators. Storing and using Bitcoin on TON is as secure as on the Bitcoin network itself, but significantly cheaper and more convenient.”
TON’s Journey
Notably, TON was initially developed by the renowned messaging platform Telegram to use its native token Toncoin for ad revenue-sharing payments with Telegram channel owners. However, the platform faced several regulatory challenges during the process and dropped the development in 2020.
Since then, community-driven development has propelled TON’s growth. The popularity of Telegram’s mini-games, including Hamster Kombat, Catizen, and Notcoin, has notably boosted TON’s user base. These games are based on a tap-to-earn model, which allows users to earn in-game currencies convertible into real airdrops. This drives engagement and adoption within the TON ecosystem.
Toncoin is trading at $7.20 at the time of writing. Over one year, it has increased by over 430% in value, as per the data by CoinMarketCap. Since the start of this year, the market cap of the token has more than doubled, currently sitting at $18 billion. This surge has secured the eighth spot for the token in the list of the largest cryptocurrencies by market cap.
Meanwhile, decentralized crypto wallet SafePal has just announced that it now supports TON NFTs in its latest mobile app upgrade.
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TON Foundation Announces TON Teleport BTC to Enhance Bitcoin Utility
