VICTORIA, Seychelles, June 20,
2024 /PRNewswire/ -- Bitget, the world's leading
cryptocurrency exchange and Web3 company, announced
the expansion of the partnership with Ethena, a synthetic dollar
protocol developed on the Ethereum blockchain, to
introduce its synthetic USDe into services such as Bitget Savings
and Coin-Margined (Coin-M) Contracts.
Created by Ethena Labs, USDe is a synthetic dollar that aims to
provide a censorship-resistant, stable, and scalable digital asset.
Since its inception, USDe has seen its supply skyrocket to over 3.5
billion, with more than 215,000 users. This surge in supply and
user adoption signals a significant milestone for USDe in the
digital currency realm.
With this new integration, Bitget users can now leverage USDe as
a collateral asset to trade coin-margined perpetual futures or as a
savings product, both offering an attractive 15% APR. Additionally,
Earn product users will benefit from using USDe for both fixed and
flexible savings subscriptions, each up to $200,000, creating opportunities for substantial
interest gains.
This partnership also broadens the range of trading strategies
available, catering to the diverse needs of every Bitget user.
Using USDe as yielding margin collateral or through savings greatly
enhances capital efficiency by enabling users to expect a different
return profile for their assets. Bitget users are the first in the
space to benefit by potentially receiving a yield from their stable
derivatives margin collateral.
Bitget Savings is one of the Bitget Earn offerings and
works similarly to savings in traditional finance. Bitget Savings
acts as a backstop for uncertainties and volatilities found in
crypto, offering a low-risk financial product similar
to traditional savings, tailored for the crypto market
with Fixed Savings and Flexible Savings.
"Our decision to team up with Ethena was driven by their
pioneering approach to creating scalable, censorship-resistant
synthetic dollars, which aligns perfectly with our mission to
provide our users with reliable and cutting-edge financial
solutions. Bitget is set to enhance its multifaceted collaborations
with Web3 innovative projects, further bolstering the Bitget
ecosystem. This initiative underscores Bitget's commitment to
investing in and developing a robust ecosystem as part of its
long-term strategic vision," says Gracy
Chen, CEO at Bitget.
"Ethena's integration with Bitget marks another significant step
forward in expanding access to USDe and creating new use cases for
the asset," said Guy Young, CEO and
Founder of Ethena Labs. "From saving to collateral, If traders are
using stable assets instead of USDe for basically any function,
they are missing out on substantial value – and in continuing to
form partnerships with the world's largest exchanges, our goal is
to ensure that no trader has to forgo that value any longer."
For more information about USDe trading at Bitget, please,
visit the official website page.
About Bitget
Established in 2018, Bitget is the
world's leading cryptocurrency exchange and Web3
company. Serving over 25 million users in 100+ countries and
regions, the Bitget exchange is committed to helping users trade
smarter with its pioneering copy trading feature and other trading
solutions. Formerly known as BitKeep, Bitget Wallet is a
world-class multi-chain crypto wallet that offers an
array of comprehensive Web3 solutions and features including wallet
functionality, swap, NFT Marketplace, DApp browser,
and more. Bitget inspires individuals to embrace
crypto through collaborations with credible partners,
including legendary Argentinian footballer Lionel Messi and Turkish National athletes
Buse Tosun Çavuşoğlu (Wrestling
world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın
(Volleyball national team).
For more information, visit: Website | Twitter | Telegram
| LinkedIn | Discord | Bitget Wallet
About Ethena Labs
Founded in 2023, Ethena Labs is a
research, development, and engineering firm building infrastructure
supporting the first-ever scalable synthetic dollar alongside a
value-accruing "Internet Bond". The firm is backed by Dragonfly
Capital, Arthur Hayes' family office
Maelstrom, and every major crypto futures exchange
including incubation from Binance Labs, Bybit, OKX,
Deribit, Kraken, Gemini, and other leading investment firms
including Franklin Templeton, a
venture fund of Fidelity Investments and Brevan Howard Digital. The
Ethena Labs team brings deep experience from both traditional
finance and crypto, including from firms such as
Cerberus, Wintermute, Flow Traders, Paradigm, Deribit, Lido, and
Goldman Sachs.
For more information, visit the official website.
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SOURCE Bitget