Bitget Wallet targets cross-border payments with new virtual accounts
Bitget Wallet said Virtual Account adds a way for users to receive money directly into a self-custodial financial account.
Bitget Wallet has added traditional banking access to its self-custodial platform with the launch of Virtual Account, a feature that lets users open free USD and EUR virtual accounts through licensed partner Noah.
The service is available directly in the wallet without requiring local residency or an in-person bank visit, the company said Tuesday.
Users can receive money through ACH, Fedwire, SEPA and SWIFT, with incoming funds automatically converted into USDT or USDC. Those stablecoins can be used for payments, cross-border transfers, yield products and investments in crypto and tokenized real-world assets. Outbound bank transfers are planned for the coming months.
The launch adds a receiving function to Bitget Wallet’s effort to develop self-custodial wallets into everyday financial accounts. COO Alvin Kan said the integration could make international payments more accessible, especially for people without easy access to dollar accounts or cross-border banking.
The service is designed for cross-border workers and freelancers receiving salaries, recipients of international remittances and users moving funds from conventional bank accounts into stablecoins. By linking traditional payment networks with its existing onchain services, Bitget Wallet aims to let users access global financial rails without routing funds through centralized exchanges or separate crypto onramps.
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The company estimates that a $500 ACH transfer through Virtual Account costs about $2 in platform fees, versus a global average remittance cost of around $30, or 6%, according to World Bank data. Other bank and blockchain fees may apply.
Noah CEO Shah Ramezani said access to digital dollars could offer an alternative for people in countries where inflation erodes local currencies.
Bitget Wallet, which serves more than 100 million users and maintains a user protection fund exceeding $300 million, will refund transaction fees for the first 1,000 eligible users who make a qualifying initial deposit.