• Cryptocurrency exchange BIT has launched TONcoin options trading to its users, making it the first to add TON to its offerings.
• TONcoin is the native token of the Open Network, a protocol intended to connect all blockchains and Web2 internet into a single, open network.
• TONcoin managed to recover in 2022 after a drop amid a relentless crypto winter, and is currently the 26th largest coin by market cap.
Cryptocurrency exchange BIT has announced the launch of TONcoin options trading, making it the first to add TON to its offerings. This will give crypto investors an additional investment instrument, as previously, they were limited to bitcoin (BTC) and ethereum (ETH). The Seychelles-based full-suite crypto exchange has received support from Darley Technologies and DWF Labs, a veteran in the liquidity provision space and a significant TON backer respectively, to make adding TON to crypto options trading possible.
TONcoin is the native token of The Open Network, a protocol intended to connect all blockchains and the Web2 internet into a single, open network. The team behind Telegram’s encrypted, cross-platform instant messaging service was responsible for initially developing The Open Network. However, since 2020, the TON Foundation has managed it as an open-source community project.
TONcoin registered growth in 2022, managing to recover after a drop amid a relentless crypto winter. At press time, TON is the 26th largest coin by market cap, according to CoinMarketCap. The token’s lowest market capitalization in the last 12 months was $1.01 billion, recorded on July 27, 2022. At that time, the token was selling for $0.8303, its lowest price that year.
The new investment instrument will be available on the Paradigm network in early February. BIT and the TON Foundation have received the support from DWF Labs to make adding TON to crypto options trading possible. DWF Labs previously committed $10 million to support the growth of the TON ecosystem and pledged to support up to 50 TON projects in 2023.
The launch of TONcoin options trading on BIT is expected to increase liquidity and provide investors with a more diverse selection of investment options. This is a significant milestone for the TON ecosystem and could potentially open the door to more widespread adoption of the cryptocurrency in the future.