Bitget Tests Tradfi Trading With Forex, Gold And Stock Derivatives...

The new feature gives select users access to traditional market derivatives, with positions margined and settled in USD during a limited testing phase.

Bitget has launched a private beta for a new TradFi trading feature that gives crypto users access to forex, commodities and stock derivatives contracts using stablecoins as collateral.

The feature will allow Bitget users to trade major fiat currency pairs, gold and other derivatives alongside crypto spot and derivatives products on the same platform. Trades will be margined and settled with Tether’s USDt (USDT), allowing users to access traditional trading markets without the need to open a separate brokerage account or convert 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 access restricted as Bitget evaluates performance and risk controls across the new markets.

Bitget CEO Gracy Chen said integrating cryptocurrency, gold, stocks, forex and commodities under one system is “historic.”

Founded in 2018, Bitget is a centralized cryptocurrency exchange that offers spot and derivatives trading, copy trading and related cryptocurrency services to users worldwide.

According to CoinMarketCap, the exchange ranks sixth among the top exchanges by crypto spot trading volume and among the top five derivatives exchanges, with about $1.8 billion in daily spot volume and nearly $12 billion in derivatives volume.

Bitget said its derivatives product operates under the oversight of Mauritius’ Financial Services Commission and offers leveraged exposure of up to 500 times.

In July, Bitget added support for tokenized stocks on its onchain platform through an integration with xStocks, allowing users to gain blockchain-based exposure to equities such as Tesla, Nvidia, Apple and Strategy.

Related: Standard Chartered, Coinbase deepen alliance to build institutional crypto infrastructure

Source: CoinTelegraph