Tag: BIT.COM

Bit.com Rolls Out USD Perpetual Trading for Diversification Purposes

by Blockchain News

To eliminate overreliance on a single type of stablecoin, Singapore-based crypto exchange Bit.com has rolled out USD perpetual trading, starting with BTC/USD and ETH/USD pairs. 

Therefore, the ETH/USD and BTC/USD perpetual products will be accessible to Unified Margin Mode (UM) users without expiry. Furthermore, the users will settle them using USD since they will not be required to hold the USD Coin (USDC) stablecoin in their accounts. 

This approach became a reality following the launch of the Unified Margin system in September 2021 because traders were allowed to use all assets in their accounts as collateral when trading any product. As a result, it eradicated the urge for traders to hold USDC. 

By establishing the USD perpetual products, Bit.com intends to reduce confusion about different types of stablecoins. They will also act as a stepping stone toward launching USD options, a complex crypto derivative product meant to enhance the security of direct USD settlement. 

The crypto exchange plans to incorporate more stablecoins into its USD basket. Additionally, it eyes more fiat-backed stablecoins for diversification purposes.

Despite USDC’s market capitalization trailing that of Tether (USDT) by approximately $10.9 billion, its value has surged by more than $16 billion during the present bear market. 

This can be attributed to the fact that Circle, the USDC issuer, regularly supplies transparency reports. The latest shows that the stablecoin is adequately collateralized with $55.7 billion held in short-term cash and U.S. treasuries. 

On the other hand, USDT recorded outflows, suggesting general apprehension among holders.

USDT’s market cap stood at $65.8 billion, whereas that of USDC sat at $54.9 billion during intraday trading, according to CoinMarketCap.

To meet crypto users’ tastes, needs, and preferences, Bit.com has diversified different options. For instance, the exchange launched a new savings product and USDT margined futures to drive financial product innovation, Blockchain.News reported. 

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Bit.com Enables Trading of Staked Ether on Spot and Perpetual Futures Markets

by Blockchain News

Singapore-based crypto exchange Bit.com has launched Staked Ether (STETH) on spot and perpetual futures markets to meet the diversified needs of cryptocurrency users.

By listing STETH on the spot and futures markets, Bit.com seeks to enhance the token’s liquidity as a shift from the proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) framework called the merge continues to gain steam in the Ethereum network.

 

Per the announcement:

“STETH is an ERC-20 token pegged to Ether (ETH), the native currency of Ethereum. It is issued by Lido Finance, a DeFi protocol providing staking services on Ethereum’s proof-of-stake blockchain, Solana, Polygon, Polkadot, and Kusama smart contracting platforms.”

Therefore, STETH denotes ETH locked in the Ethereum 2.0 deposit contract, also known as the Beacon Chain, by validators. It is pegged to ETH in the ratio of 1:1.

 

On the other hand, STETH is a derivative asset that allows validators to unlock their liquidity and borrow more Ether from decentralized finance (DeFi) platforms because they already staked ETH cannot be withdrawn until a switch to a proof-of-stake framework happens. 

 

Since Ethereum plays host to numerous decentralized applications (dApps), from gaming to non-fungible tokens (NFTs), STETH will play an instrumental role in enabling holders to compound yields from various DeFi protocols. 

 

As of mid-June 2022, the total value locked (TVL) in STETH stood at $5.23 billion from 132,086 stakers, and Lido Finance expects the annual yield to be 4% with no lock-ups. 

 

Since Justin Drake, an Ethereum researcher, recently disclosed that the merge was expected to materialize in August because testing was in the final stages, it remains to be seen whether it will happen because it has been quite elusive. 

 

Nevertheless, Korpi, a DeFi educator, recently noted that switching to a proof-of-stake consensus mechanism would be a game-changer that would shift the selling pressure experienced in the Ethereum network to buy. After all, structural supply would change to structural buying.

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Crypto Exchange Bit.com Establishes Toncoin Savings Product to Enhance TON Ecosystem

by Blockchain News

To enhance the growth of the TON community through the native token Toncoin, Singapore-based crypto exchange Bit.com has rolled out a savings product.

Toya Zhang, Bit.com’s CMO, said:

“By supporting the TON blockchain, Toncoin’s on-chain deposit and withdrawal fees will be much more affordable. Together with the 200% APY rewards, we believe this will contribute to the TON community growth in member numbers and user confidence.”

As part of Bit.com’s Rebalancing Market Maker (RMM) strategy, Toncoin is paired with Tether (USDT), and by mid-May this year, it had attracted at least $665,000 in investments.

The RMM strategy was coined to ease crypto investment because users can gain rebalancing premiums.

Since TON is a community-driven blockchain project, the Toncoin savings product is deemed a stepping stone toward more growth in the ecosystem.

TON, which stands for “The Open Network,” is a third-generation proof-of-stake (PoS) blockchain designed in 2018 by the Durov brothers, who founded Telegram Messenger. The company is also eyeing the Web3 space through decentralized storage, instant payments, the Domain Name System (DNS), an anonymous network, and various decentralized services. 

Therefore, based on TON’s objective of offering lightning-fast transactions and being user-friendly and cheap, Bit.com seeks to make this a reality.

Zhang pointed out:

“This is part of the strategic partnership between Bit.com and TON. We will continuously work closely to bring more benefits to the community.”

To diversify options in the crypto space, Bit.com established USDT margined futures that enabled users to create long or short positions based on the underlying asset and profit whenever the price surged or dipped. 

The exchange also launched a fixed savings product in March that permitted earning of interest from different coins like Bitcoin (BTC), USD Coin (USDC), Bitcoin Cash (BCH), USDT, Chainlink (LINK), and Ethereum (ETH). 

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Crypto Exchange Bit.com Rolls Out Savings Product and USDT Margined Futures

by Blockchain News

Bit.com, a Singapore-based crypto exchange owned by Matrixport, has launched a new savings product and USDT margined futures to diversify the cryptocurrency options. 

With an annualized yield of 30%, the fixed savings product will enable users to earn interest from different coins like Bitcoin (BTC), Tether (USDT), Ethereum (ETH), Chainlink (LINK), Bitcoin Cash (BCH), and USD Coin (USDC), among others. 

The savings product was established to meet Bit.com’s objective of driving financial product innovation by rendering trading strategy execution, price discovery, and liquidity provision services. It is also supported by Matrixport, a digital assets financial services platform headquartered in Singapore. 

In September 2021, Matrixport rolled out a “BTC-U Range Sniper” product meant to offer participants high returns whenever Bitcoin’s price moved within a specified range. 

Given that the global population is gearing up to cryptocurrencies as a financial way of the future and wealth-builders based on a Visa study, rolling out different crypto features has been necessitated. 

Therefore, the new Bit.com’s USDT margined futures will enable users to create long or short positions based on the underlying asset and profit whenever the price falls or rises.

Having already supported USDT margined perpetual swap, Bit.com’s new cryptocurrency derivatives will enable participants to have more options in the crypto space.

Earlier this month, the crypto exchange partnered with TON to expand, enhance and develop its ecosystem. This decision was arrived at after Bit.com witnessed a notable performance from TON’s native token following its listing in January this year. 

TON, which stands for “The Open Network,” is a third-generation proof of stake (PoS) blockchain designed in 2018 by the Durov brothers who founded Telegram Messenger. Furthermore, it is a community-driven blockchain project that prompts rapid transactions and aids various decentralized applications (dapps). 

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Crypto Exchange Bit.com to Enhance TON Ecosystem

by Blockchain News

Bit.com, a Singapore-based crypto exchange, has partnered with TON, which stands for “The Open Network,” to expand, enhance, and develop its ecosystem.

Upon listing TON’s native token in January 2022, Bit.com has seen significant strides, and this is one factor cementing the strategic partnership, according to Bit.com’s chief marketing officer Toya Zhang.

He added:

“After learning about TON’s history and roadmap, as well as observing the performance of TON after bit.com’s listing. We are convinced about TON’s potential. Bit.com and Matrixport have a rich variety of product offerings, including trading and asset management tools.”

TON is a third-generation proof of stake (PoS) blockchain designed in 2018 by the Durov brothers who founded Telegram Messenger. Furthermore, it is a community-driven blockchain project that prompts rapid transactions and aids various decentralized applications (dapps). 

TON swap is already being supported from TON to USD Coin (USDC) or Tether (USDT) by Matrixport, Bit.com’s sister platform. 

Steve Yun, a TON foundation member, welcomed the partnership. He believes this is a stepping stone towards more adoption. He noted:

“Matrixport is the first world’s leading CeFi platform to offer a variety of institutional-grade services that are vital to the TON ecosystem. Custody and escrow solutions, in addition to the innovative asset management products, provide great value for institutions and retails alike.” 

In terms of the trading volume, Bit.com emerged as the second-largest in the Bitcoin (BTC) and Ethereum (ETH) options market.

Furthermore, it supports the options, futures, and perpetual products of ETH, BTC, and Bitcoin Cash (BCH). 

Based on TON’s objective of offering lightning-fast transactions and being user-friendly and ultra-cheap, Bit.com seeks to make this a reality.

With crypto emerging as a lifeline for ordinary Russians amid heavy sanctions, cryptocurrencies are showing themselves as powerful fundraising tools and stores of value.  

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Crypto Exchange Bit.com to Enhance the TON Ecosystem

by Blockchain News

Bit.com, a Singapore-based crypto exchange, has partnered with TON, which stands for “The Open Network,” to expand, enhance, and develop its ecosystem.

Upon listing TON’s native token in January 2022, Bit.com has seen significant strides, and this is one factor cementing the strategic partnership, according to Bit.com’s chief marketing officer Toya Zhang.

He added:

“After learning about TON’s history and roadmap, as well as observing the performance of TON after bit.com’s listing. We are convinced about TON’s potential. Bit.com and Matrixport have a rich variety of product offerings, including trading and asset management tools.”

TON is a third-generation proof of stake (PoS) blockchain designed in 2018 by the Durov brothers who founded Telegram Messenger. Furthermore, it is a community-driven blockchain project that prompts rapid transactions and aids various decentralized applications (dapps). 

TON swap is already being supported from TON to USD Coin (USDC) or Tether (USDT) by Matrixport, Bit.com’s sister platform. 

Steve Yun, a TON foundation member, welcomed the partnership. He believes this is a stepping stone towards more adoption. He noted:

“Matrixport is the first world’s leading CeFi platform to offer a variety of institutional-grade services that are vital to the TON ecosystem. Custody and escrow solutions, in addition to the innovative asset management products, provide great value for institutions and retails alike.” 

In terms of the trading volume, Bit.com emerged as the second-largest in the Bitcoin (BTC) and Ethereum (ETH) options market.

Furthermore, it supports the options, futures, and perpetual products of ETH, BTC, and Bitcoin Cash (BCH). 

Based on TON’s objective of offering lightning-fast transactions and being user-friendly and ultra-cheap, Bit.com seeks to make this a reality.

With crypto emerging as a lifeline for ordinary Russians amid heavy sanctions, cryptocurrencies are showing themselves as powerful fundraising tools and stores of value.  

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Bitcoin (BTC) $ 27,598.39 1.35%
Ethereum (ETH) $ 1,668.24 3.39%
Litecoin (LTC) $ 66.33 2.43%
Bitcoin Cash (BCH) $ 251.04 2.72%