BIT TO USE PRODUCTS ON CIRCLE’S “FIAT TO CRYPTO” RAMP AND USDC REGULATED PRODUCTS
- BIT will take advantage Circle API to transfer trust funds to USD accounts on BIT
- USDC can be used as a 1:1 USD margin trade for USD margin products on BIT
- To support greater adoption of USDC, BIT offers USD margin trading pairs in the spot, futures and options markets powered by its USD basket program which now supports USDC
MAHE, Seychelles, January 31, 2023 /PRNewswire/ — BIT, a professional cryptocurrency exchange, has collaborated with Circle Internet Financial (Circle), a global fintech company and the issuer of USD Coin (USDC) and Euro Coin (EUROC) , to promote greater access and adoption of USDC with USD/USDC trust funds and settlement products and to drive the growth of BIT as a single hub for retail and institutional crypto trading.
Circle is the issuer of USDC, one of the fastest growing stablecoins currently available on many of the world’s leading blockchains, with more chain integrations expected. More … than $43 billion USDC is now in circulation for January 132023.
The BIT platform offers institutional-grade security, complemented by features such as Portfolio Margin and Unified Margin, which minimizes margin requirements on hedged positions, and accepts Bitcoin (BTC), Ether (ETH), USDC, Tether (USDT) and more as collateral with respective haircut ratio.
This collaboration with Circle will allow BIT users to transfer fiat to their BIT accounts as USDC and withdraw USDC in USD via wire transfer.
Together, BIT and Circle seek to expand the adoption and utility of crypto. In October, BIT launched options settled in USD. USD-settled options are more scalable to launch cryptocurrency options.
BIT moved all perpetual futures pairs from USDT margin to USD margin of July 22, 2022 since the introduction of USD-settled options on its platform.
BIT’s USD margin products are powered by its USD basket program, which now supports USDC. The cryptocurrency exchange also plans to incorporate more stablecoins into its USD basket in the future.
“BIT looks forward to a long and successful relationship with Circle,” said Lan Yue, co-founder and COO of BIT. “Our collaboration helps us deliver new efficiencies to our clients, saving retail and institutional investors valuable time and allowing them to focus solely on trading.”
“We are delighted to partner with BIT and look forward to working with their team. Together, we will deliver USDC stability to BIT customers and make USDC more accessible,” said Raagulan Pathy, Vice President of Asia Pacific for Circle.
About the TIB
BIT is a comprehensive cryptocurrency exchange designed for use by professionals, with advanced risk management and fund efficiency backed by Portfolio Margin and Unified Margin.
BIT was launched in August 2020 as an affiliate of Matrixport, a leading crypto financial services company. BIT is one of the leading crypto options trading platforms that offers innovative trading pairs with USD margin.
BIT is always striving to expand its token selection, improve its trading tools, and inspire the creation of innovative financial products.
About the Circle
Circle is a global financial technology company that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications around the world. Circle powers commerce and payments native to the internet all the time and is the issuer of USD Coin (USDC) and Euro Coin (EUROC). Today, Circle’s transactional services, business accounts and platform APIs are giving birth to a new generation of financial services and business applications that promise to increase global economic prosperity for all through a frictionless exchange of value. Circle does not service retail customers directly.
Trading digital assets can be extremely risky and volatile and is NOT for everyone. The content of this webpage is not investment advice and does not constitute an offer or solicitation to offer or recommend any investment product. It is for general purposes only and does not take into account your individual needs, investment objectives and particular financial situation. BIT services are not available in certain prohibited jurisdictions.
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