Deribit Options Exchange Lists SOL, XRP, and MATIC

Deribit, the largest Bitcoin options trading platform by market share, has announced plans to list Solana (SOL), Ripple (XRP), and Polygon (MATIC) starting January 2024.

Deribit Options Exchange Lists SOL, XRP, and MATIC

According to the latest announcement, cryptocurrency options trading platform Deribit will begin supporting three additional coins - SOL, XRP, and MATIC - from early next year.

In the same announcement, Deribit also revealed its application for a brokerage license in the European Union (EU).

Options are investment tools that allow holders to set buy or sell prices for cryptocurrencies at predetermined times in the future. These contracts can be executed at any time or become effective upon expiration, unlike futures contracts, which obligate holders to buy/sell cryptocurrencies.

The addition of XRP, SOL, and MATIC options is expected to boost liquidity for these coins and provide investors with more portfolio management flexibility.

Deribit's core products currently include perpetual futures linked to BTC and ETH, volatility futures, and options. As of September 2023, Deribit commands an 86% share of the options market.

Established in 2016, Deribit primarily serves institutional investors. In late September 2022, the platform raised $40 million at a $400 million valuation, amid efforts to restore its position following the fallout from the 3AC debacle.

Meanwhile, Solana (SOL), Ripple (XRP), and Polygon (MATIC) have faced regulatory scrutiny in the US, accused of being securities by the US Securities and Exchange Commission (SEC). Consequently, several US exchanges, including Binance.US, Robinhood, eToro, Bakkt, and Revolut, have been cautious and decided against listing these coins.

Despite Deribit's support announcement, SOL, XRP, and MATIC have each seen a decrease of approximately 4%.

SOL/USDT 1D Price Movement Chart as of 5:00 PM on October 9, 2023 on Binance

XRP/USDT 1D Price Movement Chart as of 5:00 PM on October 9, 2023 on Binance

MATIC/USDT 1D Price Movement Chart as of 5:00 PM on October 9, 2023 on Binance