- BIT will leverage Circle APIs to on-ramp fiat funds into USD
accounts on BIT
- USDC can be used as trading margin 1:1 to USD for USD-margined
products on BIT
- To support greater adoption of USDC, BIT offers USD-margined
trading pairs across spot, futures, and options markets powered by
its USD basket program which now supports USDC
MAHE, Seychelles, Jan. 31, 2023 /PRNewswire/ -- BIT, a professional
cryptocurrency exchange, has collaborated with Circle Internet
Financial (Circle), a global financial technology firm and the
issuer of USD Coin (USDC) and Euro Coin (EUROC), to promote greater
access and adoption of USDC with fiat funds and USD/USDC settle
products and to drive BIT's growth as a one-stop hub for retail and
institutional crypto trading.
Circle is the issuer of USDC, one of the fastest-growing
stablecoins that is currently available on many of the world's
leading blockchains, with more chain integrations expected. More
than $43 billion USDC is now in
circulation as of January 13,
2023.
The BIT platform offers institutional-grade security,
supplemented by features such as portfolio margin and unified
margin, which minimizes margin needs on hedged positions, and
accept 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 into their BIT accounts as USDC and withdraw USDC to USD via
bank wire.
Together, BIT and Circle seek to expand crypto adoption and
utility. In October, BIT launched USD-settled options. USD-settled
options are more scalable for launching cryptocurrency options.
BIT switched all perpetual futures pairs from being
USDT-margined to USD-margined from July 22,
2022 since the introduction of USD-settled options on its
platform.
BIT's USD-margined 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 fruitful relationship with
Circle," said Lan Yue, co-founder
and COO of BIT. "Our collaboration helps us provide new
efficiencies to our customers, saving retail and institutional
investors valuable time and letting them focus solely on
trading."
"We are excited to collaborate with BIT and look forward to
working with their team. Together, we will provide the stability of
USDC to BIT customers and making USDC more accessible," said
Raagulan Pathy, Vice President of Asia
Pacific for Circle.
About BIT
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.
BIT is always striving to widen its selection of tokens, enhance
its trading tools, and inspire the creation of innovative financial
products.
About Circle
Circle is a global financial technology firm that enables
businesses of all sizes to harness the power of digital currencies
and public blockchains for payments, commerce and financial
applications worldwide. Circle is powering always-on
internet-native commerce and payments and is the issuer of USD Coin
(USDC) and Euro Coin (EUROC). Today, Circle's transactional
services, business accounts, and platform APIs are giving rise to a
new generation of financial services and commerce applications that
hold the promise of raising global economic prosperity for all
through the frictionless exchange of value. Circle does not
directly service retail customers.
Disclaimer
Trading in digital assets can be extremely risky and volatile
and is NOT suitable for everyone. The content of this webpage is
not investment advice and does not constitute any 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 specific financial
circumstances. BIT services are not available in certain prohibited
jurisdictions.
Contact
Ruby
pr@bit.com
Photo -
https://mma.prnewswire.com/media/1986583/image_5026782_23766612.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/bit-to-utilize-circles-fiat-to-crypto-on-ramp-and-usdc-settled-products-301733063.html