Deribit to List XRP, SOL, and MATIC Options; Seeks License in EU

Deribit controls over 85% of the global crypto options market.

AccessTimeIconOct 9, 2023 at 8:29 a.m. UTC
Updated Oct 9, 2023 at 12:08 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Deribit, the world's leading crypto options exchange by trading volume and open interest, will soon offer options tied to prominent alternative cryptocurrencies XRP, SOL and MATIC.

The exchange announced its expansion plan on X soon before press time, adding that it is seeking a brokerage license in the European Union (EU).

Options are derivative contracts that give the purchaser the right but not the obligation to purchase or sell the underlying asset at a predetermined price on or before a specific date. A call gives the right to buy while a put offers the right to sell.

The availability of XRP, SOL and MATIC options could boost liquidity in the wider alternative cryptocurrency market and will provide altcoin traders more flexibility in managing their risks. Historically, altcoin traders have relief on ether and bitcoin options to hedge their altcoin exposure.

Deribit's existing product suite includes options and perpetual futures tied to bitcoin, ether and volatility futures. The exchange's bitcoin and ether options are popular among traders looking to hedge their portfolios and bet on volatility. In September, the exchange accounted for 86% of the global crypto options market.

Deribit controls over 85% of the global options open interest (Laevitas)
Deribit controls over 85% of the global options open interest (Laevitas) (Laevitas)

Edited by Parikshit Mishra.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.