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Singapore-based crypto trading platform has partnered 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 from a strategic partnership between Singapore’s crypto derivatives trading service and stablecoin issuer USDC, as reported by Crowdfund Insider on Monday.
Bitget will support USDC escrow for Quanto Swap Contract trading as part of the partnership, a move the exchange says will provide additional liquidity to the market. USDC currently joins Bitcoin (BTC), Ether (ETH), EOS and XRP as accepted returns for Quanto Swap Contracts.
Bitget launched Quanto Swap Contracts in April that allow traders to use one or more cryptocurrencies as profit for cross-currency transactions.
Quanto Swaps is said to solve problems related to inverse contracts as well as contracts that pair with Tether (USDT), especially in the area of capital usage and costs.
Since Quanto Swap is cross-currency trading with multiple margins, traders can switch markets without having to convert cryptocurrencies.
The partnership with Circle is said to also scale up 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 8th largest crypto derivatives exchange with 24-hour volume of nearly $4 billion as of press time.
Back in March 2020, the platform started working towards expanding its reach to the US, securing a license from the US Financial Crimes Enforcement Network. At the time, the 24-hour trading volume was about $1 billion.
The exchange is also on the list of platforms that have been granted a temporary exemption from Singapore’s cryptocurrency exchange licensing regime.
In an interview in early July, Bitget CEO Sandra Lou stated that crypto exchanges must prioritize regulatory compliance. Indeed, financial regulators globally are increasing scrutiny of exchanges as governments push for stricter policies.
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