In a thrilling development, the crypto exchange BIT has achieved a significant milestone by successfully launching option trading for XRP, the native token of Ripple, on its platform.
On the 17th of August, the BIT exchange made this exciting announcement, which comes roughly a month after Ripple’s resolution in its legal dispute with the SEC. A federal judge’s ruling had established that certain XRP sales by Ripple did not fully align with the criteria of a securities offering.
Regarding this recent inclusion, XRP has now joined the ranks as the sixth asset available for options trading on BIT’s platform. It stands alongside other prominent cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Toncoin (TON), and LADYS.
OrBit Market, an experienced institutional liquidity provider specializing in options and structured derivatives for digital assets, will provide the initial liquidity for XRP option trading on the BIT platform.
Thanks to the infusion of initial liquidity from OrBit Market, XRP holders and investors gain the ability to adeptly steer and hedge their portfolios. This encompasses choices such as selling calls or employing diverse strategic combinations to their benefit on the BIT exchange.
Engaging in XRP option trading on this BIT exchange doesn’t necessitate actual ownership of XRP. This implies that any profits or losses will be tabulated in USD, as the exchange operates and settles transactions in US Dollars.
Justin Buitendam, the Global Head of Institutional Sales at BIT exchange, emphasized that, “We are proud to become one of the first exchanges making XRP options trading accessible to both institutional and retail traders, enabling long and short for options traders at the same time.”