According to TechFlow, decrypt reported that the TON Foundation plans to launch the Bitcoin cross-chain bridge TON Teleport BTC, a trustless bridging service designed to facilitate secure Bitcoin transfers between networks linked to Telegram. The TON Foundation said that the system will allow Bitcoin holders to participate in DeFi applications such as decentralized exchanges and lending platforms within the TON ecosystem. Every Bitcoin on TON will be fully backed by actual Bitcoin and pegged through the transfer process.
Anatoliy Makosov, technical lead of TON, said: “All transactions are executed through smart contracts and verified by TON blockchain validators. Storing and using Bitcoin on TON is as secure as on the Bitcoin network itself, but at a lower cost and more convenient.”
