BIT, a leading professional digital asset exchange, has collaborated with the TON Foundation, a non-profit association of developers and enthusiasts that exists to advance The Open Network (TON). The collaboration is designed to nurture each other’s ecosystem and provide more value for both BIT users and users of TON.
Originally developed by Telegram – the instant messaging platform with 700 million global active users – TON is designed to provide a platform for decentralised applications and smart contracts. Toncoin (TON) is the native cryptocurrency and it is used for network operations, transactions, games or collectibles built on TON. The significance of this deal is highlighted by the TON Foundation’s continuous support of the development of open-source technologies and decentralised application.
“It is a significant move for our mission of bringing crypto closer to the users. As part of the Web3 revolution, crypto finance should be an integral part of our daily life.” said Lan, Co-founder and COO at BIT.
As part of the partnership, BIT will accept TON for payment of trading fees and offer a fees discount for those who are using TON for payment of trading fees. In addition, Toncoin staking participants will also enjoy different levels of VIP rates on BIT exchange. The levels of VIP rates will vary with different levels of staking amount. It is the first of its kind collaboration between an exchange and a token issuer.
BIT and TON’s collaboration started in 2022. BIT was the first exchange to support TON options trading. Crypto options trading is a fast-growing segment of the digital asset trading market that is expected to grow rapidly in the coming years. It provides investors with a relatively low-cost and managed-risk way of trading digital tokens and hedging positions. The market demand for altcoin options trading is also increasing however it can only be traded through the OTC market these days.
Lan said: “TON Foundation has been a long time reliable party to collaborate with for BIT. We strongly agree with their mission and the pragmatic approach about building the Web3 space. We are excited to start our collaboration with TON not only because it will help our customers to get immediate benefits like the opportunity to trade TON, but because this opens the door to endless opportunities in the field of combining social network and trading. We are also keen to build use cases on the TON blockchain.”
“We are delighted to further our collaboration with BIT and anticipate a ready uptake in the use of Toncoin for the payment of trading fees on the exchange,” said a senior spokesperson at TON Foundation. “TON is poised to play a pivotal role in the evolution of the digital token economy . I’m sure BIT users will appreciate the colllaboration as it brings value to the platform.”
About BIT:
BIT is a full-featured cryptocurrency exchange that is designed for use by professionals, with advanced risk management and fund efficiency supported by Portfolio Margin and Unified Margin.
BIT was launched in August 2020 as an affiliate to Matrixport, a prominent crypto financial service company. BIT is one of the top crypto options trading platforms which offer innovative USD-margined trading pairs.
About The Open Network:
The Open Network (TON) is a revolutionary technology to unite all blockchains and Web2 internet into one open network. It was born to empower billions of Telegram users with genuine Web3. Originally introduced by the Telegram team inheriting its freedom and openness ethos, it has been run as an open-source community project since 2020. TON’s layer-1 architecture is designed to scale up to 2 to the power of 32 workchains, each of which can be subdivided into up to 2 to the power of 60 shardchains. It can support millions of transactions per second near-instantly. Telegram has helped people stay connected. TON will transform the communities into economies.
