Bit.com, a high-performance cryptocurrency exchange with high leverage, is joining hands with The Open Network (TON) in a move that will see the ramp support the deposit and withdrawal of TON by the end of March 2022.
Expanding the TON Ecosystem
As per details of a press release on March 7, the collaboration will be part of the exchange’s initiative to support, develop, and expand the burgeoning TON ecosystem. The network is community-driven to create a completely decentralized, energy-efficient base layer where developers can launch dApps and transact cheaply and instantaneously in a low-fee environment.
Bit.com declared their listing of TON in early January. However, it wasn’t until the official announcement on March 7 that they confirmed the deposit and withdrawal of the coin in collaboration with Cactus Custody—the ramp’s official security partner by the end of the month.
Over the years, Cactus Custody has proven to be a trusted and qualified digital asset custodian providing high-quality storage services adhering to the best industry standards for enterprises across the globe. Notably, the custodian is distinguished by its features such as customizable accounts and approval process, an easy-to-use dashboard, quick cold storage withdrawal, and a reliable and secure DeFi connector allowing users to seamlessly connect to a wide variety of DeFi projects.
The Chief Marketing Officer (CMO) of Bit.com, Toya Zhang, said they would eventually integrate TON in various products, optimistic of the ecosystem’s prospects.
“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 various product offerings, including trading tools and asset management tools. We are very happy to work with TON and would like to embrace TON in our various products.”
Bit.com and Matrixport Goal of Enhancing User Experience
Bit.com is part of the Matrixport ecosystem and launched in 2018. It has since expanded to command the second largest BTC and ETH Options trading volumes in the market. The collaboration is at the backdrop of Matrixport’s support of TON Swap, enabling the quick and cheap swapping of TON to USDC and USDT. USDC and USDT are supported across various blockchain networks. They are core, especially in DeFi, allowing users to quickly transition from traditional finance to the decentralized, secure, smart contracts-driven DeFi experience.
Steve Yun, the founding member of the TON Foundation, acknowledged the significance of Matrixport and how institutions and retailers are utilizing their tools and services. Commenting, he said:
“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. We are excited about Matrixport and Bit.com’s support.”
TON is community-led, developed under a DAO after Telegram’s exit in May 2022 due to litigation from the U.S. SEC. In December 2021, TON and Donate—a Telegram-based donation service, announced their partnership to further the development of the chain whose creators, the Durov Brothers of Telegram, said is “years ahead of everything else in the blockchain space.”