Panama-based crypto exchange Deribit is set to expand its offerings by launching options linked to leading alternative cryptocurrencies, including XRP, Solana’s SOL, and Polygon’s MATIC token in the European Union [EU]. The trading platform known for its substantial trading volume and open interest is also in the process of acquiring a brokerage license in the EU. The move underscores its commitment to adhering to regulatory standards and expanding its market reach in the region.
By introducing options for XRP, SOL, and MATIC, Deribit sought not only to increase its presence but also to enhance liquidity in the alternative cryptocurrency market. Traditionally, traders involved in alternative cryptocurrencies have predominantly relied on options associated with major cryptocurrencies like Bitcoin and Ethereum to hedge their altcoin exposure.
Deribit, with its existing product suite, has been a frontrunner in the crypto derivatives market. The exchange already offers options and perpetual futures tied to Bitcoin, Ethereum, and volatility futures. Notably, Deribit’s Bitcoin and Ethereum options have gained popularity among traders for hedging their portfolios and speculating on market volatility.
Deribit’s Market Volume Surges To $42B
The platform’s derivatives market volume rose to $42 billion in August, an increase of 17% from July, defying the global downtrend that saw worldwide derivatives volumes decline 12.1% to around $1.6 trillion, the exchange said in the monthly review. Volume figures represent total activity in options, futures, and perpetual futures segments. In addition to that, the exchange’s dominance was evident in the month of September, when it accounted for a staggering 86% of the global cryptocurrency options market.
The latest strategic move by Deribit not only broadens the spectrum of options available to crypto traders but also reflects the burgeoning demand for diversified investment instruments within the digital asset space. As the market continues to evolve, the introduction of options linked to alternative cryptocurrencies further strengthens Deribit’s position as a pivotal player in the cryptocurrency derivatives landscape, providing traders with innovative tools to navigate the complexities of the market. Investors and enthusiasts alike will be closely monitoring the developments on Deribit’s platform, anticipating how these new options will shape the dynamics of the EU crypto scene in the coming months.