- BIT will leverage Circle APIs to quickly route fiat funds to USD accounts at BIT
- USDC can be used as a 1:1 trade margin against USD 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
MAH, Seychelles, January 30, 2023 /CNW/ — BIT, the professional cryptocurrency exchange, has partnered with Circle Internet Financial (Circle), a global financial technology company and issuer of USD Coin (USDC) and Euro Coin (EUROC), to promote greater access and adoption of USDC with fiat funds and USD/USDC products for settlement and drive BIT’s growth as a one-stop shop for retail and institutions 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 dollars USDC is now in circulation from January 13in 2023
The BIT platform offers institutional-grade security, complemented by features such as portfolio margin and pooled margin, which minimize margin requirements on hedged positions and accept Bitcoin (BTC), Ether (ETH), USDC, Tether (USDT) and more as collateral with the appropriate reduction ratio.
This collaboration with Circle will allow BIT users to transfer fiat to their BIT accounts as USDC and withdraw USDC to USD via wire transfer.
Together, BIT and Circle aim to expand crypto adoption and utility. In October, BIT launched USD settlement options. USD settled options are more scalable to boot cryptocurrency options.
BIT switched all permanent futures pairs from USDT margin to USD margin July 22, 2022 since introducing USD settled options on its platform.
BIT’s dollar margin products drive its dollar basket program, which is now backed by USDC. The cryptocurrency the exchange also plans to include more stablecoins in its dollar basket in the future.
“BIT is looking forward to a long and fruitful cooperation with Circle,” he 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 excited to partner with BIT and look forward to working with their team. Together, we will provide USDC stability to BIT users and make USDC more accessible,” said Raagulan Pathy, Vice President Asia Pacific for the Circle.
BIT is fully equipped cryptocurrency an exchange 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 a subsidiary of Matrixport, stand out crypto a financial services company. BIT is one of the best crypto options trading platforms offering innovative USD margin trading pairs.
BIT is always looking 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 companies of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications around the world. Circle powers an always-on online commerce and payments business and is the issuer of USD Coin (USDC) and Euro Coin (EUROC). Today, Circle’s transaction services, business accounts and platform APIs are creating a new generation of financial services and commerce applications that promise to increase global economic prosperity for all through the seamless exchange of value. Circle does not provide direct service to retail customers.
Trading digital assets can be extremely risky and volatile and is NOT suitable for everyone. The content of this website is not investment advice and does not constitute any offer or inducement to offer or recommend any investment product. It is for general purposes only and does not take into account your individual needs, investment goals and specific financial circumstances. BIT Services are not available in certain restricted jurisdictions.