As part of a strategic partnership with TON Foundation, cryptocurrency exchange BIT is set to accept payments of Toncoin for trading fees, offering a 10% discount on those paid with the new ‘Deduct with TON’ feature. BIT has become the first exchange to enable users to pay trading fees with a token that is neither a stablecoin nor a platform token.
Dubai, August 1, 2023 – TON Foundation, a non-profit association of developers and enthusiasts that exists to advance The Open Network (TON) has announced that BIT, a leading cryptocurrency exchange, is set to allow traders to pay trading fees with Toncoin, the native token of TON blockchain. Traders who decide to make use of BIT’s “Deduct with TON” feature will also receive a 10% discount on trading fees for a limited time. This new feature on BIT is the result of their strategic partnership with TON Foundation, to foster ecosystem growth for both the exchange and TON as they look to onboard the next 100 million users into Web3.
BIT is a professional crypto exchange that specializes in crypto derivatives trading, with a particular emphasis on options trading. A full-featured exchange, BIT offers its clients enhanced capital efficiency and advanced risk management through its Portfolio Margin and Unified Margin. The exchange leads the way in facilitating USD-margin options trading, with the goal of making crypto derivatives more accessible for a broader range of institutional investors.
The “Deduct with TON” feature is now live on BIT for Toncoin holders. This means that, for the first time ever, an exchange has enabled users to pay trading fees denominated in a token that is non-native to the platform – without it being a stablecoin. The groundbreaking nature of this collaboration is a testament to the strength of the strategic partnership between TON Foundation and BIT, a relationship that goes back to when TON was first listed by BIT in January 2022.
From launch, BIT users will be able to enjoy a significant 10% discount on trading fees when paying with Toncoin. This discount will apply on spot trading, futures trading, and options trading. As user preferences may vary, BIT has added the flexibility for sub-accounts to independently enable the TON deduction fee option. This customization allows sub-accounts to have distinct fee structures, tailored to their specific requirements and preferences.
This latest step in the strategic partnership between TON Foundation and BIT follows the introduction of Toncoin-based options on the BIT exchange in January 2023. Until Toncoin options were introduced, only Bitcoin and Ethereum were available in the options market.
"We are thrilled to introduce the 'Deduct with TON' feature as the latest part of our strategic partnership with TON Foundation,” said Lan, COO of BIT. “This collaboration highlights our commitment to enhancing user experience and delivering added value to our community. Considering the requests for lowered trading fees that we have received from our institutional and VIP clients, I believe this latest update is set to increase demand for Toncoin amongst traders."
“TON has always been about creating an open, scalable network that transcends traditional barriers, and now, by enabling payments of trading fees in Toncoin, we're bringing this vision to life,” said Daniel Yang, Global Business Development Lead at TON Foundation. “This integration is just one of the many practical use cases of Toncoin exemplified on one of the most important digital asset platforms in the world.”
BIT is a full-featured cryptocurrency exchange that is designed for use by professionals, with advanced risk management and fund efficiency supported by Portfolio Margin and Unified Margin.
BIT was launched in August 2020 as an affiliate to Matrixport, a prominent crypto financial service company. BIT is one of the top crypto options trading platforms which offer innovative USD-margined trading pairs.
About The Open Network:
The Open Network (TON) is a revolutionary technology to unite all blockchains and Web2 Internet into one open network. It was born to empower billions of Telegram users with genuine Web3. Originally introduced by the Telegram team inheriting its freedom and openness ethos, it has been run as an open-source community project since 2020. TON’s layer-1 architecture is designed to scale up to 2 to the power of 32 work chains, each of which can be subdivided into up to 2 to the power of 60 shard chains. It can support millions of transactions per second near-instantly. Telegram has helped people stay connected. TON will transform the communities into economies.