[NEWS] TON Foundation provides bridge function "TON Teleport BTC"

The TON Foundation has announced a bridge feature called "TON Teleport BTC."

It is a bridge designed to facilitate trustless and secure Bitcoin (BTC) transfers to and from the Telegram Open Network (now known as The Open Network, or TON).

The initiative aims to expand the utility of Bitcoin by allowing it to be used in decentralized finance (DeFi) on the TON platform.

According to the TON Foundation, TON Teleport BTC will enable seamless Bitcoin transfers and ensure that each Bitcoin bridged to TON is securely backed by actual Bitcoin.

This will allow users to engage in activities such as lending and decentralized exchange (DEX) trading on TON without relying on a central intermediary.

TON developers revealed that transactions will be executed via smart contracts and verified by TON blockchain validators, aiming to increase security while reducing costs compared to traditional Bitcoin transactions.

"TON Teleport BTC lays the foundation for future integrations and paves the way for a truly interconnected blockchain ecosystem," the TON development team said in a post on X.

The TON Foundation expects that this initiative will make Bitcoin a more adaptable asset and open up new possibilities for earning rewards within the TON ecosystem.

This announcement coincides with TON's rapid rise to the top 10 crypto assets by market capitalization over the past few months. After a record rise of $8.25 (approximately 1,295 yen), TON is currently hovering around the $7 range (approximately 1,010 yen).

TON developed by Telegram

TON is a crypto asset based on the TON blockchain used within the messaging app Telegram, which boasts more than 700 million monthly users.

The Durov brothers, who developed Telegram, are involved in the development of TON. Although it was developed in 2018, Telegram decided to withdraw from the project due to regulations by the US Securities and Exchange Commission (SEC) in 2020, and it seemed that the service would be suspended, but in 2021, the project was taken over by the TON Foundation, which is composed of Telegram and the TON community, and operates the current crypto asset TON and TON network. After the project was taken over by the TON Foundation, the name was changed to "The Open Network."

Features include high transaction processing speed, technology to solve scalability issues, and remittance function within Telegram.

It can be used for various use cases within Telegram, including purchase of NFTs and in-game payments.

In addition, Telegram's provider is actively involved in application development using the TON blockchain, so it is expected that the number of TON holders and demand will increase due to the expansion of use cases within Telegram in the future.

Reference: Official announcement, TON's X account
Image: Shutterstock

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