XRP Options Launched by Cryptocurrency Derivatives Exchange BIT
Main Points:
- Cryptocurrency derivatives exchange BIT has launched options tied to XRP
- Users can trade XRP options without holding the cryptocurrency
- Profits and losses will be settled in USD
- The new product expands BIT’s existing suite of options
- Options are used as hedging tools or to generate additional income
Cryptocurrency derivatives exchange BIT has announced the launch of options tied to XRP, the world’s fifth largest cryptocurrency. This new product allows users to trade XRP options without having to hold the actual cryptocurrency. Profits and losses from these options will be settled in USD. Institutional liquidity provider OrBit Markets will be responsible for creating order book liquidity for these options. This expansion of BIT’s offerings includes options on other cryptocurrencies such as bitcoin, ether, Cardano’s ADA, Toncoin, and Milady Coin. Options are derivative contracts that give users the right to buy or sell the underlying asset at a predetermined price. Traders often use options as hedging tools or to generate additional income. With the introduction of XRP options, BIT aims to make this type of trading accessible to both institutional and retail traders.
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