The Company continues its commitment to providing traders with industry-leading offerings
PANAMA CITY, March 11, 2024 /PRNewswire/ — Deribit, the world’s largest crypto options exchange, announced the launch of three altcoins options: Solana (SOL), XRP, and Polygon (MATIC). SOL options begin trading today and will be followed tomorrow by options on MATIC and XRP.
The price of Solana increasing by over 1700% since the beginning of 2023 has set the stage for blockbuster activity in Solana options. Furthermore, there has been increasing demand from institutional traders looking to gain additional exposure to altcoins across the board, and these new offerings from Deribit are the latest step for the exchange to offer quality products with deep liquidity. With the addition of three altcoin options, Deribit now offers more trading possibilities for traders and an intuitive product for altcoin investors to express broad opinions on the market.
Luuk Strijers, Chief Commercial Officer of Deribit, stated: “Adopting USDC for settling options positions grants traders critical benefits: it eliminates the need for rebalancing collateral when holding positions across multiple altcoins like SOLANA, MATIC, and XRP, reduces the requirement for hedging for those aiming to maintain a stable USD position, simplifies profit and loss calculations by obviating the need to convert returns into BTC or ETH, and enables the efficient implementation of trading strategies, including cash-secured puts.”
These new altcoin option markets will use USDC as the settlement currency. Using USDC as the settlement currency has several potential benefits for traders:
- The same currency can be used for each of the different altcoin currency options, so there is no need to rebalance the collateral when positions are held in multiple currencies at once.
- For traders who prefer to remain flat in USD terms, less hedging is required compared to holding BTC or ETH as collateral.
The launch of these altcoin options follows various platform improvements and milestones, such as a full upgrade of the portfolio margin model, attaining ISO 27001 and SOC 2 certifications, the launch of Fireblocks Off Exchange custody capabilities, and the launch of Mass Quotes for options market makers.
For additional information, visit:
https://insights.deribit.com/education/new-altcoin-options-on-deribit-sol-xrp-matic/
About Deribit
Deribit is the dominant crypto options exchange with the highest open interest in dated BTC and ETH futures. Their state-of-the-art infrastructure offers instantaneous price discovery, low latency trading, advanced risk mitigation services, a variety of custodial solutions, and deep liquidity via its network of top-tier market makers. Led by a team with decades of experience in options across all markets, Deribit has the gold standard in proof of assets and liabilities.
For additional information, visit: https://www.deribit.com/
Media Contact
M Group Strategic Communications (On behalf of Deribit)
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