- BIT crypto exchange and TON foundation seal strategic collaboration
- BIT offers 10% off for users who pay their trading fees with Toncoin (TON)
DUBAI, United Arab Emirates, May 15, 2023 / AlexaBlockchain/ – BIT, a prominent professional digital asset exchange, has joined forces with the TON Foundation, a non-profit association dedicated to advancing The Open Network (TON). The collaboration aims to foster the growth of both ecosystems and offer enhanced value to users of both BIT and TON.
The Open Network (TON) was originally developed by Telegram, the popular instant messaging platform boasting 700 million active users worldwide. TON is designed as a decentralized application and smart contract platform, providing a robust foundation for various applications.
Toncoin (TON) serves as the network’s native cryptocurrency, facilitating network operations, transactions, and the development of games and collectibles on the TON platform. This collaboration marks an important milestone for the TON Foundation, which has consistently supported the development of open-source technologies and decentralized applications.
Lan, Co-founder and COO at BIT, expressed the significance of the partnership, stating, “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.”
Under the partnership, BIT will accept TON as a form of payment for trading fees. Moreover, users paying their trading fees with TON will be eligible for a fees discount. Participants in Toncoin staking will enjoy various levels of VIP rates on the BIT exchange, with the specific levels varying based on the staking amounts. This collaboration between an exchange and a token issuer represents a pioneering endeavor in the industry.
The collaboration between BIT and TON began in 2022, with BIT being the first exchange to support TON options trading. Cryptocurrency options trading has experienced rapid growth in the digital asset trading market, providing investors with a cost-effective and risk-managed approach to trading digital tokens and hedging positions. While the demand for altcoin options trading is increasing, it is currently limited to over-the-counter (OTC) markets.
Lan further commented, “TON Foundation has been a long-time reliable partner to collaborate with BIT. We strongly agree with their mission and pragmatic approach to building the Web3 space. We are excited to start our collaboration with TON, not only because it will benefit our customers with the opportunity to trade TON, but also because it opens the door to endless possibilities in combining social networking and trading.”
A senior spokesperson from the TON Foundation expressed delight about the partnership, stating, “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. TON is poised to play a pivotal role in the evolution of the digital token economy.”
The collaboration between BIT and TON marks a significant step in strengthening the crypto ecosystem and advancing the adoption of digital assets. With the acceptance of TON for trading fees and the incentives provided to Toncoin staking participants, users of both platforms stand to benefit from this collaboration. As the Web3 revolution continues to shape the future of finance, partnerships like these pave the way for a more integrated and accessible crypto landscape.
Source: BIT
Submit Your Blockchain and Crypto Press Release here.