BIT and Circle collaborate for greater crypto adoption

BIT has partnered with USDC’s creator, Circle, to enable its users to transfer fiat currencies from more than 80 countries into their accounts as USDC

Users of BIT, a cryptocurrency exchange, can now can on-ramp fiat funds into USDC. 

BIT has partnered with USDC’s creator, Circle, to enable its users to transfer fiat currencies from more than 80 countries into their accounts as USDC, which can then be used for crypto payments and transfers, or to withdraw the stable coin to USD via bank wire, on a 1-1 trading margin. 

Together, they seek to expand crypto adoption and utility. Last October, BIT began offering USD-settled options, which it described in a statement as more scalable for launching cryptocurrency options. 

Boston, US-based Circle is an issuer of digital currency stablecoins, including USDC and EUROC (Euro coin). More than $43b of USDC is currently in circulation. 

Seychelles-headquartered BIT’s platform claims to provide institutional-grade security, which is “supplemented” by features such as portfolio and unified margin that minimise margin needs on hedged positions. 

It accepts bitcoin, ether, USDC and tether (USDT) and other securities as collateral. 

BIT switched all perpetual future pairs from requiring USDT-margined to USD last July, since the introduction of USD-settled options on its platform. 

BIT’s USD-margined products are powered by its USD basket programme, which now supports USDC. It also plans to incorporate more stablecoins into its USD basket in the future. 

Lan Yue, co-founder and chief operating officer of BIT, commented: “Our collaboration helps us provide new efficiencies to our customers, saving retail and institutional investors valuable time and letting them focus solely on trading.” 

Raagulan Pathy, vice president of Asia Pacific for Circle, added: “Together, we will provide the stability of USDC to BIT customers and making USDC more accessible.”  

Image: © Daniel Balakov via Canva

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.