- Crypto exchange Delta has introduced options trading for the Binance Coin and Chainlink’s LINK.
- The CEO has revealed that this was due to demand from the traders denoting that the two were the most active digital assets on their platform.
Singapore-based crypto derivatives platform Delta Exchange has now launched trading options for the Binance coin (BNB) and LINK, a brainchild of enterprise oracle solutions Chainlink. The June 19th announcement highlighted that the BNB and LINK would be corresponding to contracts they have with Tezos (XTZ), Atomic Coin (ATOM), XRP, and Litecoin (LTC).
According to the CEO, Pankaj Balani has insisted that they released the products due to demand from traders. He remarked at the popularity of the two altcoins on their exchange.
“A lot of inbound interest from traders”
The crypto derivatives platform has been offering Bitcoin and Ethereum options for a while now wrapped in lucrative contracts dubbed Move. Unlike legacy contracts that extend traders the option to acquire or trade at a specified price, the move contracts enable the traders to focus specifically on the volatility of the crypto asset.
“When trading these contracts, a trader is betting on the absolute value of the price movement of a coin rather than the coin going up or down”
This was likened by the CEO in combining the call and put options into one. This way, the amateur traders would be awarded an extra edge due to its simplicity—the Move contracts currently attracting a 0.05% transactional fee. According to the executive, the contracts have recorded at least $4 Million and $2 Million daily for the BTC and ETH move contracts, respectively.
BTC Options Popular choice for Crypto Derivative Platforms
Similarly, other crypto exchanges have jumped at the opportunity of offering options trading for an array of crypto assets with OKEX, Binance, and FTX, all unleashing parallel products. Notably, the Chicago Mercantile Exchange (CME) has experienced exponential upsurge (20x) since the introduction of the CME BTC options making up for nearly 25% of the global IO on BTC options surpassing OKEx and LedgerX markets.
With CME, bitcoin options open interest soared from $13 million to an all-time high recorded this June 10th of close to $373 million.