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Bit.com Launches USD Perpetual Trading For ETHUSD And BTCUSD Pairs

Bit.com Launches USD Perpetual Trading For ETHUSD And BTCUSD Pairs

Block Magnates

July 26, 2022

Introduction​

Bit.com, a full suite cryptocurrency exchange, announced the release of USD Perpetual trading, beginning with ETHUSD and BTCUSD pairs. The ETHUSD and BTCUSD perpetual products that have no expiry will be settled in USD, accessible for Unified Margin Mode (UM) users. 

Users under the UM mode don’t have to hold USDC in their accounts for USD perpetual products. In Sep 2021, Bit.com launched the Unified Margin system, which allows traders to utilize all assets in their account as collateral to trade all the products, eliminating the need for traders to hold USDC. This is a further step in their USD basket strategy. In April 2022, Bit.com added USDC to its USD market; all USD stablecoins in the basket support a 1:1 exchange with the USD. Bit.com also plans to add more stablecoins to this USD basket. 

Bit.com’s decision to launch its USD perpetual products is a strategic measure to diversify reliance on a single type of stablecoin and also reduce the confusion for crypto newbies regarding different types of stablecoin. Various digital formats of US Dollar, Euros, or other fiats will be used/calculated as the underlying collateral for crypto trading. 

Data streams on July 20, 2022, indicate that USDC has a market cap of $54.7 billion, roughly $10 billion less than USDT at $65.8 billion. During the bear market, USDC’s market cap rose by over $16 billion while USDT posted outflows, signaling general apprehension amongst holders. It is mainly because USDC’s issuer supplies regular transparency reports. The latest indicates that the stablecoin is sufficiently collateralized with $55.7 billion held in short-term U.S. treasuries and cash.

By launching the USD perpetual products, beginning with the BTCUSD and ETHUSD pairs, Bit.com is laying the ground for the eventual launch of USD Options. This complex crypto derivative product will further avail options for traders who seek the security of direct USD settlement. Bit.com also plans to include more fiat-backed stablecoins.

Bit.com Launches USD Perpetual trading for ETHUSD and BTCUSD pairs

About Bit.com

Bit.com is a full-suite and dynamic cryptocurrency exchange that offers a wide range of trading products, from spots, perpetual futures, futures, savings, and other complex derivatives, including options. The exchange is also powered by Matrixport, one of Asia’s fastest-growing financial platforms focused on cryptocurrencies.

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Introduction

Block Magnates

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