BIT to Utilize Circle’s ‘Fiat To Crypto’ On-Ramp and USDC Settled Products
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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.
Seychelles, Jan 31, 2023 — 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.
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