The derivatives exchange Bitget will be one of the first exchanges to list the U.S. dollar (USDC) as collateral for trading crypto derivatives.
This development benefited from the strategic cooperation between Singapore’s crypto derivatives trading service and USDC stablecoin issuer Circle, because Report Published by Crowdfund Insider on Monday.
As part of the partnership, Bitget will provide USDC margin for Quanto Swap contract trading, which the exchange said will provide more liquidity to the market. USDC now join Bitcoin (Bitcoin), ether (Ethereum), EOS, and Ripple As an acceptable margin for Quanto Swap contracts.
Bitget launched the Quanto Swap contract in April, allowing traders to use one or more cryptocurrencies as margin for cross-currency transactions.
Quanto Swaps is said to be able to solve the problems related to reverse contracts and Tether (USDT) matching contracts, especially in terms of capital utilization and cost.
Since Quanto Swaps is a cross-currency transaction with multiple margins, traders can switch markets without converting cryptocurrencies.
According to reports, the cooperation with Circle will also expand Bitget’s trading channels. USDC can also be purchased on exchanges through debit card and credit card payment channels.
CoinMarketCap data grade As of the writing of this article, Bitget is the eighth largest crypto derivatives exchange with a 24-hour trading volume of nearly $4 billion.
As early as March 2020, the platform began to work hard to expand its coverage to the United States, Obtaining a license from the U.S. Financial Crime Enforcement NetworkAt that time, its 24-hour turnover was approximately US$1 billion.
The exchange is also one of the list of authorized platforms Temporary exemption from Singapore’s cryptocurrency exchange licensing system.
In an interview with Cointelegraph in early July, Bitget CEO Sandra Lou stated that cryptocurrency exchanges must prioritize compliance. In fact, as governments of various countries implement stricter policies, global financial regulators are stepping up their scrutiny of exchanges.