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Derivative Exchange Deribit to Start XRP Options Trading January 2024

source-logo  thecryptobasic.com 09 October 2023 12:26, UTC

The leading platform for crypto Options trading, Deribit, has announced plans to expand its offering to accommodate more digital assets.

In particular, Deribit has proclaimed it will provide Options trading for XRP, Solana (SOL), and Polygon (MATIC). The exchange communicated the development via its official account on the X platform following an interview with its Chief Commercial Officer (CCO), Luuk Strijers.

“We’re bringing linear options for SOL, XRP, and MATIC to the table,” Deribit remarked in the tweet.

We're bringing linear options for SOL, XRP, and MATIC to the table. 📈

🔥 Plus, we're seeking to apply for a brokerage license in the EU! Stay tuned for more updates on our journey to empower crypto traders worldwide.https://t.co/gNm1861ygB

— Deribit (@DeribitExchange) October 9, 2023

Options for XRP, SOL, MATIC

In the interview, Strijers claims that a fall in volatility in the crypto market will not hinder Deribit’s plans to support other digital assets. Moreover, the Deribit CCO disclosed that the Options trading for XRP, SOL, and MATIC will be live by January 2024.

Strijers remarked:

“Is this the best environment to launch new products, or should we defer? That’s what keeps us awake. [We are expecting] some increased volatility in January when we launch options on three altcoins.”

Notably, Bloomberg highlighted that Deribit’s expansion with the three digital assets marks a significant move beyond the exchange’s limited offering. Specifically, Deribit’s Options trading supported only Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC). It will now support XRP, Solana, and Polygon starting January 2024.

Furthermore, Bloomberg mentioned that trading volumes of the crypto derivative market crashed to approximately $1.5 trillion in September from the $2 trillion mark observed earlier this year. It attributed the decline to subdued crypto asset prices and reduced volatility compared to 2021.

Deribit Seeks EU License and Moves Business to Dubai

Meanwhile, the Deribit CCO revealed that the company intends to seek clearance for brokerage services in the European Union alongside its expansion bid.

In parallel, Strijers disclosed that Deribit would be moving its headquarters from Panama to a more crypto-friendly location in the United Arab Emirates (UAE). Specifically, the exchange will be headquartered in Dubai after securing the necessary licensing.

Besides, the Deribit Chief Commercial Officer highlighted that the firm intends to fortify its 115-person workforce with another dozen.