Bybit, a cryptocurrency derivatives trading platform, has teamed with Circle Internet Financial, a digital financial technology company and the creator of the USD Coin (USDC) and Euro Coin (EUROC). This collaboration will speed up Bybit’s development into a major hub for USDC-settled products in the retail and institutional markets.
Specifically, Bybit will promote Circle’s services to its customers, add more USDC spot pairs to their platform. Also, it will help raise more public awareness about USDC and related products as part of the terms of the deal. This will cut across the company’s retail and institutional clients.
By partnering with Circle, the top cryptocurrency exchange, Bybit hopes to increase the widespread use and acceptance of cryptocurrencies. Bybit plans to use the experience it has gained operating the industry’s premier cryptocurrency exchange to create and market products that contribute to the expansion of USDC. Spot trading, perpetual contracts, and options are all examples of items that fall within this category.
Bybit’s yearlong commitment to expanding their suite of cutting-edge solutions to USDC subscribers has paid dividends. The corporation started offering USDC options earlier this year. Until this point, no option contract had ever been offered with stablecoins as collateral. In addition, the exchange anticipates adding Ether and SOL options in the near future.
Bybit’s long-term goal is to become a gateway that offers USDC-settled options via a single point of contact. The Exchange’s liquidity is complemented by tools like unified accounts that accept BTC, ETH, USDT, and USDC as collateral, and portfolio margin. This reduces margin requirements on hedged holdings.
In addition to Circle’s innovative financial services and transparent business practices, Bybit CEO Ben Zhou says the company chose to partner with them because of their reputation for integrity and transparency.
This post was last modified on Aug 31, 2022, 20:01 BST 20:01