Bybit, which is the third largest cryptocurrency derivatives exchange in the globe as measured by volume, has entered into a partnership with Circle Internet Financial to expedite the expansion of Bybit as an entry point for retail and institutional USDC-settled products. Circle is a multinational digital financial technology company that is also the issuer of both the USD Coin (USDC) and the Euro Coin (EUROC).
Bybit is a cryptocurrency exchange that was launched in March 2018 and provides users with a professional trading platform featuring an ultra-fast matching engine, outstanding customer service, and community support in several languages. Bybit’s long-term goal is to establish itself as a comprehensive gateway for USDC-settled options.
The exchange’s liquidity is superior to that of the market, and this superiority is matched by features such as portfolio margin, which reduces the margin needed on hedged positions, and unified accounts, which support BTC, ETH, Tether (USDT), and USDC as collateral. As per the terms of the agreement, Bybit will increase the number of USDC spot pair listings they offer, help raise more awareness of USDC and products that are related to it, and look into future opportunities to collaborate on other projects.
Promoting Greater Crypto Adoption And Utility
By partnering with Circle, Bybit, which is a prominent exchange for new digital asset classes, aims to promote increased acceptance of cryptocurrency as well as increased usage of cryptocurrency. Bybit was the first market participant to offer a stablecoin-margined option contract when it launched USDC options earlier this year. The exchange has also committed to launching Ether and Solana options in the near future. Circle is a global financial technology company that enables organizations of all sizes to leverage the potential of public blockchains and digital currencies for use in payments, commerce, and other financial applications all around the world.
Circle, the company behind the USD Coin and Euro Coin, powers 24/7 internet-based commerce and payments. Circle’s transactional services, business accounts, and platform application programming interfaces (APIs) are now spawning a new generation of financial services and commercial applications. These applications hold the possibility of increasing global economic prosperity for all parties involved through the frictionless exchange of monetary value.
Developing Products To Support Growth Of USDC
As a part of its commitment, Bybit will use the knowledge and experience it has gained through the operation of its leading cryptocurrency exchange to develop and promote products that assist the expansion of USDC. These products include spot trading, perpetual contracts, and options. Additionally, Bybit will provide immediate and automatic currency changes between USD and USDC (or other Circle-issued stablecoins).
Bybit’s development has continued throughout the bear market, and the company has discovered that USDC is a perfect fit for its business. After the success of Bybit’s USDC options, it was appropriate to strengthen further its working partnership with Circle, a company renowned for its transparent services and innovative financial technology.
In addition, Bybit is looking forward to expanding the number of USDC spot pairings and products that it provides to both its retail and institutional customers. In addition, throughout the course of the past year, Bybit has never failed to provide customers of USDC with reasons to thanks to the continuous expansion of its portfolio of unique product offers. As a result of this, Circle is ecstatic to have Bybit on board as a partner in its efforts to promote increased accessibility and acceptance of USDC.