Victoria, Seychelles, June 20th, 2024,
Chainwire
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 up to 15% APR. Additionally, Earn
product users will benefit from using USDe for both fixed and
flexible savings subscriptions, each up to $200,000.
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, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, users can contact: media@bitget.com
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, users can visit the
official website.
Contact
Public
relations
Simran
A
bitget
media@bitget.com