BITS TO USE CIRCLE’S “FIAT TO CRYPTO” ON-RAMP AND USDC SETTLING PRODUCTS
- BIT will leverage Circle APIs to raise fiat funds in USD accounts at BIT
- USDC can be used as 1:1 margin trading on USD for USD margin products on BIT
- To support increased USDC adoption, BIT offers USD margin trading pairs on spot, futures and options markets powered by its USD basket program which now supports USDC
MAHE, Seychelles, January 30, 2023 /CNW/ — BIT, a pro cryptocurrency exchange, partnered with Circle Internet Financial (Circle), a global financial technology company and issuer of USD Coin (USDC) and Euro Coin (EUROC), to drive greater access and adoption of USDC with fiat funds and settle USD/USDC and lead the growth of BIT as a single hub for retail and institutional crypto business.
Circle is the issuer of USDC, one of the fastest growing stablecoins currently available on many of the world’s major blockchains, with more on-chain integrations planned. More than 43 billion dollars USDC is now in circulation as of January 13th2023.
The BIT platform offers institutional-grade security, complemented by features such as Portfolio Margin and Unified Margin, which minimizes margin needs on hedged positions and accepts bitcoins (BTC), ether (ETH), USDC, Tether (USDT) and more as collateral with the respective haircut ratio.
This partnership with Circle will allow BIT users to transfer fiat into their BIT accounts as USDC and withdraw USDC to USD via wire transfer.
Together, BIT and Circle look to expand crypto Adoption and utility. In October, BIT launched options settled in USD. Options settled in USD are more scalable to launch cryptocurrency options.
BIT has changed all perpetual futures pairs from USDT margined to USD margined July 22, 2022 since the introduction of options settled in USD on its platform.
BIT’s USD margin products are powered by its USD basket program, which now supports USDC. The cryptocurrency The 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,” he said Lan Yu, co-founder and COO of BIT. “Our partnership 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 deliver the stability of USDC to BIT customers and make USDC more accessible,” said Raagulan Pathy, Vice President of Asia Pacific for Circle.
BIT is a complete cryptocurrency 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 an affiliate of Matrixport, a major crypto financial services company. BIT is one of the best crypto Options trading platforms offering innovative USD margin trading pairs.
BIT is always striving to broaden its selection of tokens, improve its trading tools and inspire the creation of innovative financial products.
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 is powering always-on native Internet 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 powering a new generation of financial services and commerce applications that hold the promise of increasing global economic prosperity for all through the frictionless exchange of value. Circle does not directly serve retail customers.
Trading digital assets can be extremely risky and volatile and is NOT suitable for everyone. The content of this web page 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 individual needs, investment objectives and specific financial circumstances. BIT Services are not available in some prohibited jurisdictions.