Bybit to Add Crypto Options to Its Services

UTC by Kofi Ansah · 3 min read
Bybit to Add Crypto Options to Its Services
Photo: Depositphotos

Bybit did not announce the exact launch date but revealed plans of making a name for itself in the crypto options trading market.

Bybit, a crypto derivatives company has announced that it is adding crypto options to its list of services. The company has been steadily building its suite of services for crypto options trading for a while before finally making the announcement.

The latest move by Bybit is an attempt to expand its line of derivatives products with the company stating that its adding crypto options to its selection of trading products will be of European style which will see linear options settled in USDC.

According to a press release shared by the company, the new product will support portfolio margining, adding that its platform which is equipped with an of 99.99% and the ability to support a high transaction throughput, is uniquely poised to service the options market.

Bybit did not announce the exact launch date but revealed plans of making a name for itself in the crypto options trading market. Bybit users would however be able to trade USDC options and perpetuals through portfolio margin.

Ben Zhou, CEO of Bybit, after the announcement, stated that the exchange hopes the product will help crypto options go mainstream.

“Options is something that our existing clients have long been asking for since there has been no other revolutionary product offered in the market at the moment. We are confident that our state-of-the-art offering will set the bar for the sector and normalize crypto options trading, just like what Robinhood did for stock options. We are also excited to bring with us to options trading the world-class liquidity and reliability our clients have come to associate with Bybit,” Zhou stated.

Options are popular among stock traders but are gradually also gaining ground in the cryptocurrency space. The buyer of an option contract has the right, but not the responsibility, to buy or sell an asset at a predetermined price. European-style options can only be exercised on their expiration date, whereas American-style options can be exercised at any time before they expire.

Established in 2018, Bybit focuses on perpetual contracts and leveraged trading. While Bybit is still a popular place to trade crypto derivatives, it now offers a full range of cryptocurrency trading services, including spot markets and peer-to-peer trading. Bybit also holds token sales on its Bybit Launchpad platform regularly and offers a variety of passive income products under the “Earn” brand.

The company has high hopes for its success in the options trading market, which has been affirmed by top-ranking members of the company. Speaking with media at the Dubai Crypto Expo 2022 in March, Igneus Terrenus, Bybit head of communications stated that the company was focused on getting a 50% share of the crypto options market within the next 18 months.

Zhou initially floated the idea of offering options trading back in July last year, saying the product would be available by the end of 2021.

Cryptocurrency News, News
Kofi Ansah
Author Kofi Ansah

Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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