The Singapore-based crypto trading platform has inked a partnership with stablecoin issuer Circle. Derivatives exchange Bitget is set to become one of the first exchanges to list USD Coin (USDC) as collateral for trading crypto derivatives. The development comes courtesy of a strategic collaboration between the Singaporean crypto derivatives trading service and USDC stablecoin issuer Circle, as reported by Crowdfund Insider on Monday.
Bitget will support USDC margin for Quanto Swap Contract trading as part of the partnership, a move the exchange says will provide more liquidity for the market. USDC now joins Bitcoin (BTC), Ether (ETH), EOS, and XRP as accepted margins for Quanto Swap contracts.
Bitget launched Quanto Swap contracts back in April allowing traders to utilize one or more cryptocurrencies as margins for cross-currency trades. Quanto Swaps are said to solve the issues related to inverse contracts as well as Tether (USDT)-paired contracts, especially in the area of capital utilization and costs.
Since Quanto Swaps are cross-currency trades with multiple margins, traders can switch markets without having to convert cryptocurrencies. The collaboration with Circle will also reportedly scale Bitget’s trading channels. USDC will also be available for purchase on the exchange via debit and credit card payment channels among others.
CoinMarketCap data ranks Bitget as the eighth-largest crypto derivatives exchange with a 24-hour volume of almost $4 billion as of the time of writing. Back in March 2020, the platform began working towards expanding its reach to the United States, securing a license from the U.S. Financial Crimes Enforcement Network. At the time, its 24-hour volume was about $1 billion.
The exchange was also among a list of platforms granted a temporary exemption from Singapore’s crypto exchange licensing regime. In an interview with Cointelegraph earlier in July, Bitget CEO Sandra Lou stated that crypto exchanges must prioritize regulatory compliance. Indeed, financial regulators across the globe are increasing their scrutiny on exchanges as governments push more stringent policies.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 76.8% | 43 | $70 839.13 | 2.77% | 7.82% | $1 393 188 771 575 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 76.4% | 48 | $3 563.41 | 1.64% | 1.81% | $427 864 652 586 | ||
3 | USDT | Tether predictions | 94% | 1 | $1.000158 | 0.05% | 0.02% | $104 470 687 167 | ||
4 | BNB | Binance Coin predictions | 59.6% | 80 | $581.75 | 1.72% | 4.80% | $86 992 219 931 | ||
5 | SOL | Solana predictions | 55.6% | 89 | $187.57 | 1.81% | 4.39% | $83 335 013 100 | ||
6 | XRP | XRP predictions | 81.6% | 32 | $0.626949 | 2.28% | -1.53% | $34 409 617 914 | ||
7 | USDC | USD Coin predictions | 95.6% | 2 | $0.999983 | 0% | -0.01% | $32 294 227 146 | ||
8 | DOGE | Dogecoin predictions | 64% | 68 | $0.220054 | 19.30% | 44.12% | $31 612 266 983 | ||
9 | ADA | Cardano predictions | 68.4% | 67 | $0.651557 | 0.15% | 2.89% | $23 183 704 549 | ||
10 | AVAX | Avalanche predictions | 60% | 88 | $54.51 | 0.60% | 1.13% | $20 572 303 957 | ||
11 | SHIB | SHIBA INU predictions | 54.4% | 94 | $0.000032 | 6.09% | 17.43% | $18 750 576 640 | ||
12 | TON | Toncoin predictions | 60.8% | 88 | $4.89 | -2.04% | 19.49% | $16 974 265 868 | ||
13 | DOT | Polkadot predictions | 74.4% | 52 | $9.54 | 1.09% | 2.91% | $13 610 260 280 | ||
14 | BCH | Bitcoin Cash predictions | 68.4% | 60 | $573.46 | 5.78% | 37.10% | $11 286 731 664 | ||
15 | LINK | Chainlink predictions | 80% | 42 | $19.20 | -0.96% | 3.92% | $11 272 368 207 |
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