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Singapore-based Bitget, a derivatives exchange, has announced a partnership with Circle. According to Bitget, the platform will list USDC, a dollar based stablecoin, and become the world’s first Exchange to support USDC as collateral for the margin trading of derivatives. Bitget claims 1.5 million registered users worldwide.
Bitget states that USDC will be listed as the margin for Quanto Swap Contract trading. By partnering with Circle the relationship is expected to help scale the trading channels of the Exchange and offer more payment services with increased convenience. Users can now buy USDC on Bitget via debit cards, credit cards, and ACH transfer (only available to US users).
Founded in 2018, Bitget has launched three flagship products – USDT-Margined Contract, One-Click Copy Trade, and Quanto Swap Contract over the past three years. Bitget reports an average daily trading volume of $2.6 billion and claims the title of the world’s sixth-biggest derivatives exchange, and the world’s largest cryptocurrency derivatives copy trade platform.
Bitget says it operates mainly in Japan, South Korea, Europe, and the US. Bitget’s products are anticipated to help boost USDC’s liquidity.
“It’s our pleasure to partner with Circle, who is such a great player in our industry. The introduction of USDC will enrich our product patterns, offering more trading options for our users. In the future, we will further explore cooperation opportunities with Circle to provide a more friendly and diversified trading experience to our global users.”
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