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Bitget Will Officially Launch ETF Spot Product

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Victoria, Seychelles–(Newsfile Corp. – March 21, 2023) – Bitget is proud to announce the launch of spot ETF products on its platform. Users can trade these new products on both Bitget’s web and app.

What are spot ETF products?

Bitget spot ETFs are composed of a bundle of cryptocurrencies that are representative of popular sectors. There is typically a correlation between these currencies which can reflect changes in the market conditions, their class of assets, or sector. Spot ETFs let users understand the direction of the market more clearly, and reduce exposure to any one asset by diversifying the portfolio. Trading spot ETFs can give investors a simpler and more intuitive trading experience, reducing the time and resources spent analyzing hundreds of thousands of coins and tokens in the industry.

Spot ETFs inherit most of the usual functions and rules of any spot product traded on Bitget’s platform. However, unlike other spot products, Bitget’s spot ETFs can only be traded on the Bitget platform and exchange. As such, users won’t be able to deposit, withdraw or transfer Bitget spot ETFs from Bitget.

Introducing ARBETF

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The first phase of Bitget’s spot ETFs starts with the much-anticipated ARBETF product. ARBETF is designed to track the price trends of popular assets within the Arbitrum ecosystem, letting users quickly access these tokens and capitalize on Arbitrum’s market sector changes against the general cryptocurrency market. ARBETF is currently composed of four currencies, including GMX (40%), MAGIC (30%), RDNT (5%), and GNS (25%), with varying weight allocations proportional to their market caps. In the future, in line with the development of the Arbitrum ecosystem, the ARBETF composition and weighting will be adjusted in real-time.

Trade spot ETFs

A note on settlements

Traders can sell and settle their spot ETFs at any time. To protect the rights of users that hold spot ETFs, the platform will provide sufficient liquidity for the ETFs in stablecoin. For spot ETFs about to be delisted, traders can exchange the ETF for stablecoin. It’s also possible to hold the spot ETF until it’s delisted. When it’s taken off the shelf, Bitget will automatically settle any spot ETFs held by the user. The settlement formula is the arithmetic average of the transaction price one hour before delisting.

For example, if XXETF/USDT is delisted on December 31, 2023, at 6 PM (UTC+8), users who have yet to sell their XXETF will have the sale automatically carried out between 5 PM and 6 PM (UTC+8). The arithmetic average of the transaction price that occurred within the hour is used to obtain the price for all ETF settlements.

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Overall, spot ETFs at Bitget will have sufficient security guarantees, with the guarantee that they can be converted into stablecoin for users to ultimately deposit, transfer or withdraw.

Disclaimer: The information provided here pertaining to any cryptocurrency is for general informational purposes only and is not an offer to sell or a solicitation of an offer to buy any cryptocurrency, and should not be construed as any offering documents of any kind. The information above should not be relied upon as advice to buy or sell or hold any cryptocurrency and should not be considered as any investment advice or opinion. Bitget makes no representation or warranties, expressed or implied, as to the accuracy of the information. Bitget expressly disclaims any and all liability that may be based on such information or errors or omissions thereof. Trading in cryptocurrency is a high-risk investment which involves substantial risk, including but not limited to market risks, cybersecurity risks, liquidity risks, regulatory risks, etc. Investors are recommended to consult their own advisors before investing.

Join Bitget, the World’s Largest Crypto Copy Trading Platform.

To learn more about Bitget, please visit https://www.bitget.com.

Download the App – Playstore, App Store

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For more information about Bitget, visit: Website | Twitter | Telegram | LinkedIn | Discord

PR Contact:
ZEX PR WIRE
https://zexprwire.com/
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/159256

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Blockchain

Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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