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BIT leverages the Circle API to deposit fiat currency into BIT’s US dollar account.
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USDC can be used as 1:1 trading margin against USD on BIT’s USD margin products.
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To support the growing adoption of USDC, BIT offers USD margin trading pairs across the spot, futures, and options markets through the USD Basket program, which now supports USDC.
mahe, Seychelles, January 31, 2023 /PRNewswire/ — BIT, a professional cryptocurrency exchange, has teamed up 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. With fiat funds and USD/USDC settlement products, USDC will drive BIT’s growth as a one-stop hub for retail and institutional cryptocurrency trading.
Circle is the issuer of USDC, one of the fastest growing stablecoins currently available on many of the world’s leading blockchains, and more chain integrations are expected.is more than $43 billion USDC is now in circulation January 13th2023.
The BIT platform offers institutional-level security, complemented by features such as Portfolio Margin and Unified Margin, minimizes margin requirements for hedged positions, and supports Bitcoin (BTC), Ether (ETH) and USDC. , Tether (USDT), etc. as collateral. At each haircut ratio.
This collaboration with Circle will allow BIT users to send fiat currency as USDC to BIT accounts and withdraw USDC to USD via bank wire transfer.
BIT and Circle are working together to expand the adoption and utility of cryptocurrencies. In October, BIT launched a USD settlement option. Options settled in USD are more scalable for starting cryptocurrency options.
BIT has switched all perpetual futures pairs from USDT margin to USD margin. July 22, 2022 Since the introduction of the US dollar settlement option on the platform.
BIT’s USD margin product is powered by the USD Basket program, which now supports USDC. The cryptocurrency exchange also plans to incorporate more stablecoins into its US dollar basket in the future.
“BIT looks forward to a long and fruitful relationship with Circle. Lan Yue, co-founder and COO of BIT. “Our collaboration will help deliver new efficiencies to our clients, saving retail and institutional investors valuable time and allowing them to focus solely on trading.”
Vice President Raagulan Pathy said: Asia Pacific for circles.
About bits
BIT is a full-featured cryptocurrency exchange designed for professionals, with advanced risk management and capital efficiency supported by Portfolio Margin and Unified Margin.
BIT was started in August 2020 As an affiliate of Matrixport, a prominent crypto financial services company. BIT is one of the top crypto options trading platforms offering innovative USD margin trading pairs.
BIT is constantly striving to expand token options, enhance trading tools, and stimulate 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 blockchains for payments, commerce and financial applications around the world. Circle powers always-on internet-native commerce and payments and is the issuer of USD Coin (USDC) and Euro Coin (EUROC). Today, Circle’s transaction services, business accounts, and platform APIs are powering a new generation of financial services and commerce applications with the promise of bringing global economic prosperity to everyone through the frictionless exchange of value. . Circle does not serve retail customers directly.
Disclaimer
Trading digital assets can be extremely risky and volatile and may not be suitable for everyone. The content of this web page does not constitute investment advice, but rather an offer or solicitation to provide or recommend investment products. does not constitute It is for general purposes only and does not take into account your individual needs, investment objectives and specific financial situation. BIT Services are not available in certain prohibited jurisdictions.
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