Bitcoin Bridge Set to Launch on The Open Network by TON Foundation
The TON Foundation has announced the launch of TON Teleport BTC. A new bridge that will enable secure and trustless transfers of bitcoin to and from The Open Network (TON).
This bridge aims to enhance bitcoin’s utility by allowing its use in decentralized finance (DeFi) activities on the TON platform. TON Teleport BTC will ensure each bridged bitcoin is fully backed by actual BTC and will facilitate DeFi operations like lending. And decentralized exchange (DEX) trading without relying on central intermediaries.
Transactions will be executed via smart contracts and verified by TON blockchain validators to improve security and reduce costs. This initiative is expected to make bitcoin more versatile within the TON ecosystem and comes as TONCoin (TON) experiences significant growth, recently reaching a record price of $8.25.
Clever Robot News Desk 19th July 2024
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