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Deribit Expands Its Crypto Options to Include SOL, XRP, and MATIC Starting January 2024 - COINTURK NEWS

source-logo  en.coin-turk.com 09 October 2023 07:04, UTC

The largest crypto options exchange, Deribit, has made a move that will catch the attention of market participants. According to a recent report by Bloomberg, the crypto options exchange is preparing to expand its offerings despite the significant decrease in volatility in the cryptocurrency market in recent times. In line with this, Deribit will start offering options trading for three altcoins in the European Union from January 2024 onwards.

Deribit Expands Its Crypto Options

Despite the recent decline in volatility in the cryptocurrency market, Deribit continues to diversify its options offerings. Deribit will start offering options trading for Solana’s SOL, Ripple’s XRP, and Polygon’s MATIC with its latest move. Luuk Strijers, the Commercial Director of the crypto options exchange, stated that the decrease in volatility will not hinder Deribit from implementing its plan to expand its offerings.

In addition to expanding its options offerings, Deribit is actively working to comply with regulations in the European Union. In this regard, the crypto options exchange plans to apply for a brokerage license within the European Union to demonstrate its commitment to complying with regional financial regulations.

All these strategic initiatives come after the trading volume of crypto derivatives dropped from $2 trillion at the beginning of the year to around $1.5 trillion in September. Despite the challenges faced, Deribit remains optimistic about the future of the cryptocurrency market. The exchange’s moves aim to increase its reliability and accessibility for European traders and investors.

Strijers stated in a recent interview that Deribit aims to go beyond its traditional options offerings, which currently include Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC). With SOL, XRP, and MATIC options, Deribit aims to diversify its offerings and cater to a wider range of market participants. Strijers emphasized that they expect an increase in volatility in January when the new options will be available, despite acknowledging the challenging market environment.

Notable Developments for Deribit

The crypto derivatives market has faced various challenges throughout the year, mainly due to the low prices of cryptocurrencies and the significant drop from the highs recorded in 2021. Market participants expect the market to pick up momentum with the launch of Ethereum futures exchange-traded funds (ETFs) and the expected approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC).

Furthermore, another significant move specific to Deribit was the announcement of its plans to relocate from Panama to Dubai, known for its crypto-friendly stance. This plan is subject to obtaining the necessary license in Dubai. With over 110 employees currently, Deribit plans to expand its team by hiring more people as part of its growth strategy.

Deribit’s commitment to expanding its options offerings and moving its operations to Dubai highlights its determination to grow despite challenging market conditions. Despite the current market conditions, the options exchange remains optimistic about the future of cryptocurrencies and aims to provide its users with diversified options.