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FTX Exchange Launches Bitcoin Options

FTX Exchange Launches Bitcoin Options

  • The FTX cryptocurrency exchange has launched its Bitcoin-based options.
  • The founder of FTX, Sam Bankman Fried, stated that just two hours post the options launched, their trading volume had reached $ 1 million.
  • FTX was established in May 2019 and ever since it has been gaining market share within the space which is currently dominated by BitMEX, OKEx, and Huobi.

Recently, the FTX cryptocurrency exchange has launched its Bitcoin-based options. The site of the trading platform is stating that derivatives contracts are not available to users from the United States. In addition to this, some of the functions have not yet implemented. This includes the limit orders too.

The founder of FTX, Sam Bankman Fried, stated that just two hours post the options launched, their trading volume had reached $ 1 million. The first 12 hours recorded with 2,000 contracts.

Cryptocurrency derivatives exchange like the FTX existed when Binance acquired an equity stake recently. Now, it has launched bitcoin options.

These options are currently unavailable to the United States. The users went live on Sunday and said that FTX would be adding some new features like a limit order. However, these are yet to implement.

The bitcoins options of FTX are cash-settled to U.S. dollars (USD), and like its futures, these are also often traded on margin.

The founder and CEO of FTX, Sam Bankman-Fried, had also tweeted that the choices hit $1 million of volume within two hours of its launch, while within the first 12 hours, it had traded about 2,000 contracts.

FTX was established in May 2019 and ever since it has been gaining market share within the space which is currently dominated by BitMEX, OKEx, and Huobi. It is consistent with data from Skew. Binance had also invested tens of millions in FTX last month.

The cryptocurrency derivatives market is generally heating up. CME Group additionally expected to launch bitcoin options today. OKEx and Bakkt had also recently launched bitcoin options. Deribit and LedgerX exchanges are offering options trading for months.

In December, the popular Binance exchange announced strategic investments in the FTX cryptocurrency derivatives platform.

Through this partnership, FTX expected to help develop institutional products for the Binance ecosystem. This also includes spot and over-the-counter trading. From January 13, Bitcoin options will start trading on the CME exchange.

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About Steve Anderrson

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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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