On Monday, October 9, Deribit, the prominent cryptocurrency exchange specializing in options, made waves within the crypto market.
Deribit Adds XRP, MATIC, and SOL Options to Its Portfolio
In a recent Bloomberg report, it was revealed that despite a recent decline in volatility across the digital asset market, the platform is forging ahead with ambitious expansion plans. Moreover, Deribit is gearing up to introduce options contracts for a variety of cryptocurrencies in the European Union (EU) starting in January.
Deribit’s Expansion in the EU
Deribit is staying true to its commitment to diversify its options offerings, even in the face of diminished market volatility for digital assets. This move underscores the exchange’s determination to offer its customers a broader array of cryptocurrency contracts, including options for prominent tokens such as Solana’s SOL, Ripple Labs’ XRP, and Polygon’s MATIC.
Luuk Strijers, the exchange’s Chief Commercial Officer, emphasized that the drop in volatility will not deter Deribit from executing its expansion strategy.
In addition to bolstering its options portfolio, Deribit is actively pursuing regulatory compliance in the EU. Simultaneously, the exchange is planning to seek a brokerage license within the European Union, showcasing its dedication to adhering to regional financial regulations.
These strategic expansions are unfolding as crypto derivative trading volumes have dipped from $2 trillion at the start of the year to approximately $1.5 trillion by September. Despite these challenges, Deribit remains optimistic about the cryptocurrency market’s future. This recent move is aimed at enhancing Deribit’s credibility and accessibility for European traders and investors.
Notably, in a recent interview, Luuk Strijers discussed Deribit’s decision to broaden its traditional options offerings, which primarily encompassed Bitcoin, Ether, and USD Coin. By adding options for SOL, XRP, and MATIC, Deribit seeks to diversify its portfolio and cater to a wider range of crypto enthusiasts. Strijers acknowledged concerns regarding the current market environment but expressed confidence in increased volatility when these new options become available in January.
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