TON Foundation Announces BTC Teleport TO Increase Bitcoin Utilities

TON presents BTC Teleport TON. (Photo; Doc. CoinCodex)

The Open Network (TON) Foundation recently announced the launch of the TON Teleport BTC, an infrastructure that opens secure links to facilitate smooth Bitcoin transfers to and from the TON network. This initiative is expected to be released later this year, in accordance with official posts on social media platform X.

With BTC's TON Teleport, Bitcoin holders will be able to participate in decentralized financial activity (DeFi) on the TON network. They can use BTC on decentralized exchanges (DEX), loan protocols, and various other TON-based financial protocols. Interestingly, BTC's TON Teleport is fully supported by real Bitcoin, which is pegged through the teleport process to ensure secure transactions.

Anatholiy Makosov, the technical leader of the TON core, explained the transformative potential of BTC Teleport TON:

This decentralized and secure technology operates without intermediaries or restrictions. All transactions are carried out through smart contracts and verified by blockchain toN validators. Saving and using Bitcoin in TON is as safe as in the Bitcoin network itself, but much cheaper and more convenient.

TON Travel: From Telegram To Decentralized Ecosystem

Originally developed by the well-known messaging platform, Telegram, TON has an interesting history. The original goal was to use their original token, Toncoin, in payment sharing advertising revenue with Telegram channel owners. However, regulatory challenges stop the development of TONS in 2020.

Since then, community-led developments have boosted TON growth. Telegram mini-games such as Hamster Kombat, Catizen, and Notcoin, based on the tap-to-earn model, have improved the TON user base. Users can earn a currency in a game that can then be converted into a real airdrop, encouraging engagement and adoption in the TON ecosystem.

Toncoin is currently trading at a price of 7.20 US dollars. Its value has increased by more than 430% over the past year, according to data from CoinMarketCap. The market capitalization of this token has also more than doubled since the start of the year, reaching 18 billion US dollars.

This success put Toncoin in eighth position on the list of the largest cryptocurrencies by market cap. Meanwhile, SafePal's decentralized crypto wallet has just announced its support for NFT TONS in their latest mobile app update.