Deribit, the most active and actively traded crypto options exchange in the world, will soon provide options linked to the well-known alternative cryptocurrencies XRP, SOL, and MATIC.
Shortly before press time, the exchange announced its expansion plans on X, noting that it is also applying for a brokerage licence in the European Union (EU).
Options are derivative contracts that grant the buyer the option, but not the obligation, to buy or sell the underlying asset at a set price on or before a particular date. A put offers the option to sell, whereas a call offers the option to buy.
The availability of XRP, SOL, and MATIC options may increase liquidity in the broader alternative cryptocurrency market and give altcoin traders more alternatives for risk management. In the past, traders of altcoins have found respite in hedging their exposure to altcoins via ether and bitcoin options.
Options and perpetual futures linked to bitcoin, ether, and volatility futures are currently available via Deribit. The bitcoin and ether options on the exchange are well-liked by traders who want to hedging their portfolios and bet on volatility. The exchange held 86% of the market for crypto options globally in September.