TON Foundation to bolster Bitcoin utility with TON Teleport BTC
Quick Take
- TON Teleport BTC will improve the use cases of Bitcoin in the TON ecosystem for decentralized exchanges, lending protocols and other DeFi utility.
The Open Network (TON) Foundation, an organization overseeing the Telegram-focused blockchain network TON, has introduced forthcoming infrastructure bolstering Bitcoin utility on the platform.
TON Teleport BTC, as the new infrastructure is called, bridges transfers between Bitcoin and TON. It aims to improve the use cases of Bitcoin in the TON ecosystem for decentralized exchanges, lending protocols and other DeFi utility.
"You can now transfer Bitcoin to TON and back using TON Teleport," said Anatoliy Makosov, TON Core technical lead, in a statement. "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 saw a dramatic increase in users largely due to Telegram-based mini-games such as Hamster Kombat, Catizen and Notcoin, hitting 470,000 active addresses as of July 16.
Toncoin is the ninth-largest cryptocurrency by market capitalization. The token traded at $7.29 as of 11:32 a.m. ET (15:33 UTC), seeing a 1.25% decrease in the past 24 hours. according to The Block's TON price page.
The Block reached out to TON for comment.
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