Binance Options Lists XRP an ETH Contracts
Binance, the world’s most popular crypto exchange, continues to work on further expanding its supremacy in the crypto market. Binance has now announced that the exchange will expand its service offering by introducing option contracts for Ethereum and XRP.
— Binance (@binance) May 25, 2020
The new Ethereum and XRP options are available immediately on Binance.com, as well as with the iOS App V 2.12.0 and Android App V 1.23.3. The smallest contract size for Ethereum is 0.001 ETH, the maximum is 200 ETH. For XRP the minimum is 0.1 XRP, while the maximum size is 200,000 XRP.
Binance founder and CEO, Changpeng Zhao, has said that the company aims to dominate the crypto world in the global space, and they are working tirelessly to roll out new initiatives so the customer base can enjoy.
“The aim of Binance has not changed from what we set out to achieve in the beginning, we are still determined to conquer the crypto space, and with this new initiative and more, we will achieve our objectives in few years to come’ the CEO said.
Until now, Deribit exchange has been the leading platform for Ethereum options and also leading the space for Bitcoin options with over 75% market share. The average Open Interest for Ethereum options on Deribit since launch in May last year is around $39 million. It is currently at at an All-Time High with respect to number of ETH. Nevertheless, Binance aims to dominate that market as well.
Ethereum Options Market Total OI on Deribit | Source: Skew
Moreover, the addition of XRP options is likely to up the ante on altcoin speculations as well. BitMEX was the one of the first major derivatives exchange to offer XRP futures in February this year, besides Binance, Okex, Poloniex and a select few exchanges. Binance is one of the few exchanges which offers futures contracts for a variety of cryptocurrenices.
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