Bitget has launched a private beta of a new TradFi trading feature that allows cryptocurrency users to access foreign exchange, commodity, and equity derivatives contracts using stablecoins as collateral.
This feature will allow Bitget users to trade major fiat pairs, gold and other derivatives alongside crypto spot and derivative products on the same platform. Trades will be margined and settled in USDT on Tether, allowing users to access traditional trading markets without opening a separate brokerage account or converting currencies.
According to Monday’s announcement, use of the feature is limited to selected users and is being rolled out in a testing phase, with limited access as Bitget evaluates performance and risk management across new markets.
Bitget CEO Gracy Chen said that integrating cryptocurrencies, gold, stocks, foreign exchange, and commodities into one system is “historic.”
Founded in 2018, Bitget is a centralized cryptocurrency exchange that provides spot and derivatives trading, copy trading, and related cryptocurrency services to users around the world.
According to CoinMarketCap, the exchange ranks 6th among top exchanges in crypto spot trading volume and 6th among top 5 derivatives exchanges, with daily spot trading volume of approximately $1.8 billion and derivatives trading volume of approximately $12 billion.
Biguette said its derivative products operate under the supervision of the Mauritius Financial Services Commission and offer leverage exposures of up to 500x.
Top cryptocurrency exchange in terms of spot trading volume. sauce: coin market cap
In July, Bitget added support for tokenized stocks on its on-chain platform through an integration with xStocks, allowing users to gain blockchain-based exposure to stocks such as Tesla, Nvidia, Apple, Strategy, and more.
Related: Standard Chartered and Coinbase deepen partnership to build crypto infrastructure for institutions
Crypto exchange integrates TradFi products
Other digital asset exchanges are also exploring the integration of traditional financial products into cryptocurrency trading.
In April, Kraken began rolling out commission-free trading on more than 11,000 U.S.-listed stocks and exchange-traded funds. Kraken co-CEO Arjun Sethi said at the time that the company’s entry into the equities space reflects the growing demand for a single platform that can support trading across crypto and traditional assets, and is consistent with the long-term transition to tokenized, blockchain-based markets.
Kraken also expands into stocks and ETFs. sauce: kraken
In July, Bybit launched its TradFi trading feature, which allows users to access gold, foreign exchange, commodities, indices, and derivative products directly within the app. The product uses a single account and crypto wallet to trade both crypto and traditional markets, including access to dozens of equity derivatives related to major global companies.
Meanwhile, traditional intermediary platforms are beginning to integrate crypto assets and digital asset infrastructure, reflecting a parallel push from the financial sector. Interactive Brokers recently signaled the possibility of launching its own stablecoin that could be used to fund brokerage accounts.
The brokerage said it is still considering the proposal and is working with crypto infrastructure providers Paxos and Zero Hash.
magazine: The big question: Can Bitcoin survive a 10-year blackout?
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
