XRP, MATIC, SOL Options To Debut On Deribit In January 2024
By Benzinga
Despite the global crypto market experiencing instability, Deribit is looking to expand the roster for options trading on its platform. It is also looking to expand geographically with an EU license and a Middle Eastern office.
What Happened?
Deribit, the largest cryptocurrency exchange for options, seeks to provide customers with contracts on a broader range of coins, including Solana (CRYPTO: SOL), Ripple Labs' XRP token (CRYPTO: XRP), and Polygon’s MATIC (CRYPTO: MATIC), effective January 2024.
The platform intends to obtain a brokerage license in the European Union to offer option contracts for various cryptocurrencies. Additionally, once the company secures the necessary license in Dubai, it plans to move its base from Panama to this Middle Eastern nation, known for its more accommodating stance on cryptocurrencies.
Chief Commercial Officer Luuk Strijers said that the volatility in digital assets will not change any product launch plans for the exchange, Bloomberg reported. He further expects high volatility in January 2024 when the exchange will launch options on the three altcoins.
“Is this the best environment to launch new products or should we defer? That’s what keeps us awake,” Strijers said.
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The options being considered extend beyond the standard Bitcoin, Ether, and USD Coin options that the exchange currently offers.
Why Does It Matter?
In September 2023, crypto derivative trading volumes stood at around $1.5 trillion, down from $2 trillion at the beginning of 2023. The recent Ether futures ETFs and the potential approval of U.S. Bitcoin spot ETFs are likely to boost the digital asset market. Early 2023 also saw a zero-fee spot crypto trading platform launched by Deribit to facilitate derivatives trading and generate higher revenues.
Also Read: Invesco Galaxy Spot Ether ETF Proposal Joins US Queue, Futures ETF To Launch Soon
Price Action: SOL and MATIC token prices dropped 32-34% in the past year, while XRP inched 3% down.
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Photo: Shutterstock
