Bybit partners with Circle to launch USDC-settled trading options and offer integrations for clients
While everyone is busy talking about the crypto bear market, Bybit, the world’s third largest crypto derivatives exchange by volume, continues to position itself for the long term by expanding its crypto trading platform and building new alliances. Just two months ago, Bybit teamed up with Actant to offer traders world-class trading tools.
Today, Bybit announced it has partnered with Circle Internet Financial, a global digital financial technology firm and the issuer of USD Coin (USDC) and Euro Coin (EUROC) to help accelerate the growth of Bybit as a gateway for retail and institutional USDC-settled products.
Bybit aims to become a one-stop gateway for USDC-settled options. The Exchange’s market-beating liquidity is matched with features such as portfolio margin, which lowers margin requirements on hedged positions, and unified accounts that accept BTC/ETH/USDT/USDC as collateral.
As part of the partnership agreement, Bybit will expand its USDC spot pair listings, support further awareness for USDC and related products and look to collaborate on other potential initiatives. As a leading exchange for emerging digital asset classes, Bybit’s partnership with Circle is aimed at promoting greater crypto adoption and utility. Earlier this year, Bybit introduced USDC options — the first stablecoin-margined option contract in the market — with the exchange pledging to make Ether and Solana options available soon.
In addition, Bybit will also leverage its experience and expertise in the operation of its leading crypto exchange to develop and promote products that support the growth of USDC, such as spot trading, perpetual contracts, and options. Bybit will also enable instant, auto-conversions between USD and USDC (or other Circle-issued stablecoins).
In April, we covered Circle the issuer of USDC stablecoin Circle raised a $400 million funding round from Blackrock, Fidelity Management and Research, Marshall Wace LLP, and Fin Capital.
“We have been building throughout the bear market, and have found USDC to be an excellent fit for our operations,” said Ben Zhou co-founder and CEO of Bybit at the partnership launch event held at Vicinity London. “After the success of our USDC options, it was opportune to further develop our working relationship with Circle, which has a reputation for openness and integrity in their services and development of cutting-edge financial technology. We look forward to offering more USDC spot pairs and products to our retail and institutional clients.”
“Over the last year, Bybit has ceaselessly delighted users of USDC with the continued expansion of their innovative product offerings,” said Jeremy Allaire, co-founder and CEO of Circle. “We are thrilled to have Bybit onboard as a partner in our efforts to promote greater access and adoption for USDC.”
Founded in March 2018, Bybit offers a professional crypto exchange platform where crypto traders can find an ultra-fast matching engine, excellent customer service, and multilingual community support. Currently, Bybit is now the world’s third most visited cryptocurrency exchange with more than 5 million registered users. The ByBit crypto trading exchange offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service, and multilingual community support.