Leading crypto derivatives exchange Deribit has expanded the list of supported assets for its linear options service to include XRP, SOL, and MATIC.
According to a recent announcement, Deribit has finally launched linear options for XRP, SOL, and MATIC, giving its users a simplified way to trade the assets amid massive volatility in the market.
The strategic move was implemented to meet the growing demands of users who desire simple and more understandable trading instruments to cushion the effects of the widespread volatility associated with the market.
Deribit Expands Its Offerings
For context, Deribit’s linear option offers a straightforward connection between the price movement of an option and its underlying asset.
Consequently, the value of the option contracts will be tracked with the price movement of the underlying altcoins. Linear options create room for a less predictable and complicated trading environment compared to its traditional counterpart.
Prior to the development, Deribit’s linear option trading initially supported Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC). With the support of XRP, SOL, and MATIC, the number of supported assets has now risen to six.
Commenting on the development, Deribit’s Chief Commercial Officer Luuk Strijers said the addition of SOL, XRP, and MATIC is a direct response to the growing customer demand.
According to Strijers, launching USDC-based altcoin options is a logical step for the derivatives trading platform since it has already recorded significant progress in BTC and ETH option markets. He added that both the BTC and ETH option markets have more than 85% open interest.
Initial Support for XRP
It bears mentioning that Deribit first disclosed plans to expand its options trading offering to accommodate the assets in October 2023. At the time, Strijers told Bloomberg that linear options trading for XRP, SOL, and MATIC would be live in January 2024.
However, the offering was shifted to February, possibly due to the massive volatility that rocked the crypto space last month.
Meanwhile, Deribit started the year with flying colors following a substantial spike in trading activities. Last month, the platform reached its peak turnover since May 2021, amounting to $83.3 billion.
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