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Home»EXCHANGE NEWS»Web3 Payments Company Transak Adds USDT Support to TON Blockchain
EXCHANGE NEWS

Web3 Payments Company Transak Adds USDT Support to TON Blockchain

By Crypto FlexsMay 23, 20243 Mins Read
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Web3 Payments Company Transak Adds USDT Support to TON Blockchain
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Last April, after unveiling its partnership with Tether, the TON Foundation announced that it would allocate approximately 11 million TON to reward early adopters of USDT on the open network.

Crypto payment infrastructure provider Transak has added support for Tether’s stablecoin USDT to The Open Network (TON). The goal of this integration is to provide users with a seamless, borderless peer-to-peer (P2P) experience.

Transak initially expanded into the TON ecosystem in September 2023 through a partnership with Tonkeeper, Telegram’s protocol wallet.

According to a recent report, after months of integrating and exploring open networks, Transak now allows traders from over 150 countries to directly access the protocol’s USDT through its platform.

Adding USDT support further expands Transak’s offerings within the TON ecosystem.

Transak adds USDT support to TON network

The latest development comes through a partnership between USDT issuer Tether and the TON Foundation, an independent organization that oversees the work of the Open Network.

Announced at the TOKEN2049 blockchain event in Dubai in April 2024, this collaboration sets the stage for Transak to integrate USDT into TON. This integration will enable millions of users on the Transak platform to earn USDT on the TON network. The company will act as an intermediary between users who want to purchase USDT through the Ton Network at relatively low fees.

The move also opens the door for more than 350 decentralized finance (DeFi) applications that use Transak for payments to offer users the option to purchase USDT, the third-largest cryptocurrency by market capitalization, with a variety of fiat currencies. provided.

The TON network will also benefit from Transak, which currently has approximately 5 million registered users, giving it greater exposure to users around the world. Combined with Telegram’s extensive user base of approximately 900 million, the network is positioned to compete with some of the industry’s oldest chains and cater to a broader global audience.

Transak co-founder and CEO Sami Start said the company is committed to providing financial freedom to its users.

“Transak has always advocated for responsible financial freedom and self-custodianship of digital assets. We are excited to play a meaningful role in making TON’s USDT accessible to millions of people through our platform,” said Start.

TON Foundation Unveils 11 Million Toncoin Initiative

Meanwhile, after unveiling its partnership with Tether in April, the TON Foundation announced that it would allocate approximately 11 million TON to reward early adopters of USDT on the open network.

Of these, 5 million TON will be used to increase rewards in the liquidity pools of decentralized platforms DeDust and STON.fi.

An additional 5 million TON will be distributed to users who participate in Wallet’s Earn campaign on Telegram using USDT.

The remaining tokens will be allocated to reward users through cryptocurrency exchanges that support the TON network. Users can purchase TON or other digital assets on the blockchain at no additional cost.

However, free withdrawals are only available to users who convert their assets to TON. For example, if you purchase a digital asset in the TON ecosystem, you can convert it to TON without paying transaction fees.

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