BIT, a crypto derivatives exchange, introduced options linked to payments dealing with the XRP (the native crypto token of the famous crypto exchange Ripple). The latest product will permit consumers to trade the XRP-related options without the requirement of holding cryptocurrency, as mentioned by the crypto exchange in a press release.
BIT’s New XRP Payment Options Broaden Opportunities for the Traders
The platform added that the losses and yields are to be settled in USD. OrBit Markets (a liquidity provider for the institutions) has the responsibility to establish order book liquidity. The exclusive product goes beyond the existing package of options provided by BIT regarding the chief crypto asset Bitcoin (BTC) and other tokens including Milady Coin (LADYS), Toncoin (TON), ADA of Cardano, and Ether (ETH).
Options play the role of derivative contracts, letting the buyer enjoy the right to sell or purchase the underlying asset in line with a predetermined price. Additionally, they can buy them ahead of or on a particular date. With a call option, the customers have the right to purchase while a put option enables them to sell.
Typically, traders utilize the options like hedging instruments to minimize the bullish/bearish hazards or make extra revenue. As a result of this, they can write options on the spot holdings’ top. Justin Buitendam, BIT’s global head of organizational sales, pointed out in a statement that the platform is enthusiastic to be counted among the initial exchanges offering the trading of the XRP options to both retail and institutional traders.
XRP Maintains a Good Position within the Crypto Market
The executive added that the firm looks forward to providing the respective product to additional investors and traders simultaneously around the world. At the moment, XRP is considered to be the 5th biggest crypto asset with a market capitalization of up to $30.88B.
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