BIT and the TON Foundation work together to strengthen both ecosystems

BIT, a leading professional digital asset exchange, has partnered with the TON Foundation, a non-profit association of developers and enthusiasts that exists to promote The Open Network (TON). The collaboration is designed to nurture each other’s ecosystem and provide more value for both BIT users and TON users.

Originally developed by Telegram – the instant messaging platform with 700 million global active users – TON is designed to provide a platform for decentralized applications and smart contracts. Toncoin (TON) is the original cryptocurrency and it is used for network operations, transactions, games or collectibles built on TON. The importance of this agreement is highlighted by the TON Foundation’s continuous support for the development of open source technology and decentralized application.

Telegram’s native wallet service, @wallet, will integrate the BIT wallet and make it easy to deposit and withdraw from a BIT account. It’s the first step for @wallet, an app sitting inside Telegram, and the crypto trading platform to work together to provide users with a smooth crypto experience. “It’s an important move for our mission to bring crypto closer to users. As part of the Web3 revolution, crypto finance should be an integral part of our daily lives.” 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 fee discount for those using TON for payment of trading fees. In addition, Toncoin stakers will also enjoy different levels of VIP prizes on BIT exchange. The levels of VIP prizes will vary with different levels of bet amounts. It is the first of its kind collaboration between an exchange and a token issuer.

BIT and TON’s cooperation started in 2022. BIT was the first exchange to support TON options trading. Crypto options trading is a rapidly growing segment of the digital asset trading market that is expected to grow rapidly in the coming years. It provides investors with a relatively affordable and risk-managed way to trade digital tokens and hedge positions. Market demand for altcoin options trading is also increasing, but it can only be traded through the OTC market these days.

LAN said: “TON Foundation has long been a reliable partner for cooperation with BIT. We strongly agree with their mission and the pragmatic approach to building the Web3 space. We are happy to start our cooperation with TON, not only because it will help our customers to get immediate benefits like the ability to trade TON, but because this opens the door to endless possibilities in combining social networking and commerce. We are also keen to build use cases on the TON blockchain.”

“We are pleased to continue our cooperation with BIT and expect a clear uptake in the use of Toncoin for the payment of trading fees on the exchange,” said a senior spokesperson at the TON Foundation. “TON is poised to play a central role in the development of the digital token economy with projects like @wallet. I’m sure BIT users will appreciate the @wallet integration as it improves the user experience on the platform.”