Bitget Wallet has launched a new feature called Virtual Account, allowing users to open free USD and EUR accounts directly within their self-custodial wallet. This service, provided by licensed partner Noah, enables users to receive funds that are automatically converted into stablecoins like USDT or USDC, without needing local residency or a branch visit. The feature supports incoming transfers via ACH, Fedwire, SEPA, and SWIFT, with outbound transfers planned for future updates.
The Virtual Account is designed to cater to cross-border workers, freelancers, and those in emerging markets who need to receive international remittances at lower costs. For example, a $500 ACH transfer via Bitget Wallet costs around $2.00 in fees, compared to the global average remittance cost of about 6%, or $30, according to World Bank data. The service aims to reduce reliance on traditional banking systems and centralized exchanges.
Bitget Wallet COO Alvin Kan highlighted the evolution of crypto wallets into everyday financial hubs, emphasizing the importance of user control over assets. Shah Ramezani, CEO of Noah, compared the service to a global neobank but with the added benefit of self-custody. The launch is part of Bitget Wallet's broader Onchain Payments Matrix, which integrates crypto assets, stablecoins, and traditional financial rails.
Bitget Wallet serves over 100 million users worldwide and is backed by a $300 million user protection fund. To celebrate the launch, the first 1,000 eligible users making a qualifying first deposit will have their transaction fees refunded. The Virtual Account feature is now available through the Bitget Wallet app.