• BIT will use the extension Circuit API To transfer fiat money to USD accounts on BIT

  • USDC can be used as a 1:1 margin trade against the USD for USD margin products on BIT

  • To drive USDC adoption, BIT offers USD margin trading pairs in the spot, futures and options markets through its USD Basket Program which now supports USDC.

what is it , SeychellesAnd January 31, 2023 /PRNewswire/ — BIT, a professional cryptocurrency exchange, has established a collaboration with Circle Internet Financial (Circle), a global fintech company and issuer of USDC and Euro Coin (EUROC), to enhance access to and adoption of USDC, fiat funds and products. that are settled in USD/USD, and to promote the growth of BIT as a single trading center for cryptocurrencies for individuals and institutions.

Circle is the issuer of USDC, one of the fastest growing stablecoins currently available on many major blockchains around the world, while more on-chain integrations are expected. Over $43 billion USD is currently in circulation as of January 13, 2023.

The BIT platform offers institutional-grade security, complemented by features such as margin wallet and standardized margin, which reduces margin requirements on protected positions, and accepts Bitcoin (BTC), Ether (ETH), USDC, Tether (USDT) and more as collateral. appropriate discount rate.

This collaboration with Circle will allow BIT users to transfer fiat money to their BIT accounts in the form of USDC and withdraw USDC in USD via bank transfer.

BIT and Circle are working together to increase the adoption and usefulness of cryptocurrencies. In October, BIT launched USD-settled options. Options settled in US dollars are more amenable to starting cryptocurrency options.

Since the introduction of USD-settled options on its platform, BIT has moved all perpetual futures pairs from USDT with margin to USD with margin as of July 22, 2022.

BIT USD margin products are powered by USD Basket software, which now supports USDC. The cryptocurrency exchange also plans to include more stablecoins in the USD basket in the future.

“BIT looks forward to a long and successful relationship with Circle,” he said. Lan YuCo-founder and COO of BIT. “Our collaboration helps us bring new efficiencies to our clients, allowing retail and institutional investors to save valuable time and focus solely on trading.”

“We are delighted to be partnering with BIT and look forward to working with their team. Together, we will work to stabilize USDC for BIT customers and make this product more accessible,” said Ragulan Pathi, Vice President of Division for Asia Pacific.

About BIT

BIT is a full-featured cryptocurrency exchange designed for use by professionals, offering advanced risk management and funding efficiency backed by portfolio margin and standardized margin.

BIT was launched in August 2020 as a subsidiary of Matrixport, a leading cryptocurrency financial services company. BIT is one of the best cryptocurrency options trading platforms that offers innovative USD margin trading pairs.

BIT is always striving to expand its range of tokens, improve its trading tools, and inspire the creation of innovative financial products.

About Circle

Circle is a global financial technology company that enables businesses of all sizes to harness the power of digital currencies and public blockchain to realize payments, trade and financial applications around the world. Circle operates 24/7 online commerce and payments and is the issuer of US Dollar (USDC) and Euro Coin (EUROC). Today, transaction services, business accounts, and API The Circle platform gives birth to a new generation of financial services and business applications that promise to drive global economic prosperity for all through the seamless exchange of value. Circle does not provide services directly to individuals.

Not giving an opinion

Trading digital assets can be very risky and volatile and is not suitable for everyone. The content of this web page should not be construed as investment advice and does not constitute an offer or solicitation to offer or recommend any investment product. It is provided for general purposes only and does not take into account your individual needs, investment objectives or particular financial situation. CIB services are not available in some unauthorized areas.


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