Bit Announces Partnership with The TON Foundation

The TON Foundation, a nonprofit organization of developers and supporters of The Open Network (TON), and BIT Exchange, a top-tier digital asset exchange, have announced a partnership.

Both ecosystems will obtain advantages from the collaboration providing value for their users. Let’s see more about it.

What is the TON – Bit Exchange Partnership About?

The partnership with BIT Exchange serves to emphasize the TON Foundation’s ongoing support of the advancement of open-source technology and decentralized applications.

Furthermore, this collaborative effort between the TON Foundation and BIT Exchange is aimed at providing a seamless crypto experience for users.

LAN, Co-founder, and COO at BIT, described the partnership as a “significant move for our mission of bringing crypto closer to the users.” LAN added that “as part of the Web3  revolution, crypto finance should be an integral part of our daily life.”

Also, LAN expressed excitement at the partnership, encouraging more collaboration in the social network and trading fields. LAN said, “TON Foundation has been a long-time reliable party to collaborate with for BIT. We strongly agree with their mission and pragmatic approach to building the Web3 space and are excited to start our collaboration with TON. This is not only because it will help our customers to get immediate benefits like the opportunity to trade TON, but because this opens the door to endless opportunities in the field of combining social networks and trading. We are also keen to build use cases on the TON blockchain.”

More Details of the TON – Bit Exchange Partnership

A senior spokesperson at TON Foundation remarked that “the foundation anticipates a ready uptake in the use of Toncoin for the payment of trading fees on the exchange.” According to the spokesperson: “TON is poised to play a pivotal role in the evolution of the digital token economy. I’m sure BIT users will appreciate the collaboration as it brings value to the platform”

As part of the collaboration, BIT will embrace TON for the payment of trading fees. It will also give users who pay with TON a fee discount. Furthermore, users of the Toncoin staking program will benefit from various VIP rates on the BIT exchange. However, the rates differ based on the staking amount. Interestingly, this marks the first time an exchange and a token issuer have struck a partnership of this nature.

BIT and TON have partnered since 2022. BIT was the first exchange to support TON’s options trading. So, both platforms have their latest partnership as a huge step toward growth.

About BIT Exchange and TON

The TON Foundation is designed to provide decentralized applications and smart contracts. Telegram was initially created by TON. In addition, TON’s native currency is the Toncoin (TON). The Toncoin plays a huge role in TON. This includes settling transactions, network operations, and collectibles or games built on TON.

On the other hand, Bit Exchange is a full-featured cryptocurrency exchange established in 2020 as an associate of Matrixport, a well-known crypto financial services provider. It has improved risk management and fund efficiency backed by Portfolio Margin and Unified Margin. BIT is a crypto options trading platform that provides USD-margined trading pairs.

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