- Deribit will introduce options for SOL, XRP, and MATIC in January.
- Derivative trading volumes dropped to $1.5 trillion in September.
- Deribit seeks an EU brokerage license, expanding its market reach.
Amidst the contracting volatility in the digital asset market, Deribit, the largest crypto exchange for options trading, announces its ambitious plans. Preparing to diversify its offerings, it eyes a broader token range and an EU expansion.
Deribit Expands Despite Slowing Markets
On Monday, October 9, Deribit unveiled its roadmap to add options for Solana’s SOL, Ripple Labs’ associated XRP, and Polygon’s MATIC by January. Luuk Strijers, the Chief Commercial Officer, emphasized that the current lull in the market wouldn’t deter strategies.
They anticipate a surge in volatility upon launching these altcoin options. Additionally, taking its operations beyond Bitcoin, Ether, and USD Coin options, this move marks a significant milestone for the Panama-based firm.
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Furthering its growth strategy, Deribit also positions itself within the European Union by applying for a brokerage license. This move is expected to broaden its customer base and potentially hedge against market shifts.
Crypto derivatives trading volumes have significantly dropped from approximately $2 trillion at the start of the year to $1.5 trillion in September. This reduction is attributed to diminished digital-asset prices and volatility, starkly contrasting 2021’s peaks.
How Deribit Dominated the Options Market
Since its launch in 2020, Deribit has dominated the options market. Currently, the exchange controls 85% of the volume in options trading.
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Deribit benefited from its early mover advantage. By being among the first platforms to specialize in Bitcoin and Ethereum options, it carved out a niche for itself, getting a head start in capturing market share before many competitors even entered the scene.
On the Flipside
- Due to regulatory issues, Deribit is not accessible to US traders.
- In November 2022, Derbit fell victim to a hack, losing $28 million from a hot wallet.
Why This Matters
As the largest derivatives trading platform in the world, Deribit’s offering will enable traders to access more diverse token offerings.
Read more about Deribit’s recent hack:
Deribit Loses $28 Million In Hot Wallet Hack, Pauses Withdrawals
Read more about Coinbase’s base expansion into Treasuries:
Base Dominates Tokenization With On-Chain Treasuries
