Large cryptocurrency exchange Binance announced the launch of options contracts for Ethereum and XRP. According to the announcement, Binance users will initially be able to access new products only through the Binance mobile app.
Last month, Binance announced the possibilities of Bitcoin for its users. With the new offer, ETH and XRP options are available for various durations. These include 24 hours, 8 hours, 1 hour, 30 minutes, and 10 minutes. Users have access only to contracts with a maximum order size of 200,000 XRP and 200 ETH.
At the beginning of the month, the volume of open contracts on options for bitcoins reached a new maximum. On March 7, the total value of bitcoin options exceeded $ 1 billion. According to the Skew crypto analyst platform, the main exchanges responsible for this feat are Bakkt, OKEx, CME, Deribit, and LedgerX. At that time, Deribit was the exchange with the largest number of open positions for a total of $ 903 million – almost 90%.
Recently, Bybt crypto trading platform rated BitMEX as the largest BTC for the futures market, and Binance as the second. At that time, BitMEX owned 33.64% of all oil production contracts worth more than $ 562 million. Binance accounted for 19.1% of OI contracts worth more than $ 319 million.
Currently, according to Bybt, both platforms are still at positions 1 and 2, although BitMEX has fallen to 33.13%, while Binance is now 17.84%.
Options are investment contracts that give traders the right — but not the obligation — to buy or sell an asset over a specified timeframe for a given price.
Ethereum and XRP options are instantly available on Binance.com, mobile users need to update their apps so they can access them.
“Options contract is a much-anticipated product that allows traders and miners to effectively purchase insurance in their positions and also allows speculators to take advantage of market movements,” said Changpeng Zhao, CEO of Binance, in a blog post.
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