TON Foundation Introduces Cross-Chain Bridge for Bitcoin Transfer
Date: 2024-07-19 Author: Oliver Abernathy Categories: BLOCKCHAIN
The Open Network Foundation (TON Foundation) announced the development of a new product called TON Teleport BTC, which will become a cross-chain bridge for transferring bitcoins to the TON platform. This innovation is designed to significantly expand the possibilities of using the first cryptocurrency in the TON network, providing convenient and secure storage of bitcoins in this blockchain.
Reliability and Convenience
According to representatives of the TON Foundation, TON Teleport BTC will become a reliable and secure solution for transferring bitcoins. The new technology will allow users to interact with various exchanges, lending platforms and decentralized applications (dApps) in the TON ecosystem. The developers note that the use of bitcoins in the TON network will be as safe as in the cryptocurrency’s own blockchain, but at the same time much more convenient and cheaper.
“TON Teleport BTC lays the foundation for future integrations, paving the way for a truly interconnected blockchain ecosystem. This process will increase the utility of Bitcoin, turning it into a powerful tool for earning additional rewards in TON,” said the TON Foundation team. The developers believe that the new product will help create a more integrated and functional ecosystem where users can receive additional benefits from their Bitcoin assets.
Future plans
The launch of TON Teleport BTC is planned for later this year. This initiative will be an important step towards the development of decentralized finance (DeFi) and the integration of various blockchains, which will allow users to receive maximum benefits from using cryptocurrencies.
Let us recall that in April 2024, Tether, the issuer of the USDT stablecoin, added support for the TON network for its product. A few months later, the supply of USDT on this blockchain exceeded $500 million, indicating the growing interest and trust in the TON network from the cryptocurrency community.
The launch of TON Teleport BTC is a significant step for the TON Foundation in developing cross-chain technologies and improving interaction between different blockchains. This innovation promises to improve the functionality and usability of Bitcoin, making it accessible to a wider range of users and applications on the TON network.
