The TON Foundation has launched "TON Teleport BTC," a bridge enabling seamless Bitcoin (CRYPTO:BTC) transfers to the TON Blockchain.
This innovation aims to enhance Bitcoin's utility by integrating it with TON's scalable and secure network.
Teleport BTC allows users to transfer BTC between the Bitcoin blockchain and TON without central intermediaries, ensuring secure and reliable transactions.
Each BTC on TON is fully backed by actual Bitcoin, with the teleport process safeguarding assets.
The system operates using network validators and smart contracts, eliminating human error, censorship, or fraud.
By removing intermediaries, the process boosts security and empowers users to manage their cryptocurrency with transparency and freedom.
Users send BTC to their unique Bitcoin address, and once confirmed, an equivalent amount of BTC is credited to their address on TON Blockchain.
These tokens can be used in various decentralised applications (dApps) on TON or exchanged for BTC on the Bitcoin network.
For the reverse process, users burn their BTC tokens on TON, initiating the return of their original BTC.
Ryan Dennis, Head of Communications for TON Foundation, stated that TON Core Developers and RSquad Blockchain Lab have developed a trustless architecture to secure and fully back Bitcoin.
Leveraging TON’s advanced protocols, such as FROST and Distributed Key Generation, ensures user assets' protection without a single point of failure.
Security relies entirely on the Bitcoin and TON blockchains and the accuracy of smart contract algorithms.
Following this announcement, Coinbase plans to add support for Toncoin (CRYPTO:TON), the blockchain’s native token, for perpetual futures on Coinbase International Exchange and Coinbase Advanced.
This news has positively impacted TON’s price, which rose by approximately 2.67% to $7.31.
Additionally, TON achieved a new record-high total value locked (TVL) of $761.37 million, according to DefiLlama data.