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Bit.com, a Singapore-based crypto exchange, has partnered with TON, which stands for “The Open Network,” to expand, enhance, and develop its ecosystem.
Upon listing TON’s native token in January 2022, Bit.com has seen significant strides, and this is one factor cementing the strategic partnership, according to Bit.com’s chief marketing officer Toya Zhang.
He added:
“After learning about TON’s history and roadmap, as well as observing the performance of TON after bit.com’s listing. We are convinced about TON’s potential. Bit.com and Matrixport have a rich variety of product offerings, including trading and asset management tools.”
TON is a third-generation proof of stake (PoS) blockchain designed in 2018 by the Durov brothers who founded Telegram Messenger. Furthermore, it is a community-driven blockchain project that prompts rapid transactions and aids various decentralized applications (dapps).
TON swap is already being supported from TON to USD Coin (USDC) or Tether (USDT) by Matrixport, Bit.com’s sister platform.
Steve Yun, a TON foundation member, welcomed the partnership. He believes this is a stepping stone towards more adoption. He noted:
“Matrixport is the first world’s leading CeFi platform to offer a variety of institutional-grade services that are vital to the TON ecosystem. Custody and escrow solutions, in addition to the innovative asset management products, provide great value for institutions and retails alike.”
In terms of the trading volume, Bit.com emerged as the second-largest in the Bitcoin (BTC) and Ethereum (ETH) options market.
Furthermore, it supports the options, futures, and perpetual products of ETH, BTC, and Bitcoin Cash (BCH).
Based on TON’s objective of offering lightning-fast transactions and being user-friendly and ultra-cheap, Bit.com seeks to make this a reality.
With crypto emerging as a lifeline for ordinary Russians amid heavy sanctions, cryptocurrencies are showing themselves as powerful fundraising tools and stores of value.
Image source: Shutterstock
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