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BIT Launches XRP Options Trading in Response to Surging Demand for XRP

by BSCN

August 17, 2023

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With initial liquidity provided by OrBit Markets, the move makes XRP the sixth cryptocurrency available for options trading on the platform.

SUMMARY

  • BIT, a crypto options trading exchange, has launched XRP options trading in response to the surging demand for the XRP token.
  • This development positions XRP as the sixth cryptocurrency available for options trading on the platform
  • Initial liquidity will be provided by OrBit Markets, an institutional liquidity provider.

Crypto options trading exchange, BIT, on August 17, officially rolled out XRP options trading in response to the soaring demand for the XRP token. This development positions XRP as the sixth cryptocurrency available for options trading on the platform, joining the ranks of BTC, ETH, ADA, TON, and LADYS.

Initial liquidity will be provided by OrBit Markets, an institutional liquidity provider, allowing XRP holders to effectively manage and hedge portfolio risks.

Following a partial victory for Ripple on July 13, where some of the SEC's claims against the classification of XRP as a security were dismissed, several mainstream exchanges reinstated XRP listings. This legal triumph sparked an impressive 70% surge in XRP's value, marking a pivotal moment for Ripple and revitalizing interest and positivity in the XRP market.

“We are proud to become one of the first exchanges making XRP options trading accessible to both institutional and retail traders, enabling long and short for options traders at the same time,” said Justin Buitendam, BIT’s Global Head of Institutional Sales. 

Operating as a USD-denominated and settled platform, BIT facilitates XRP options trading for users, without a need to own the underlying assets. BIT also offers a unique portfolio margin and unified margin systems, allowing users to use all assets in their account, including XRP,  as trading collateral.

Crypto options trading presents investors with a cost-efficient and low-risk avenue to engage with digital assets. This trading approach, coupled with other crypto derivatives, empowers traders to manage their digital asset exposure and speculate on future price movements. The crypto options trading sector is anticipated to undergo substantial growth in the foreseeable future.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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