The leading cryptocurrency exchange for options, Deribit caught the eyes of the crypto market enthusiasts on Monday, October 9. According to a recent report by Bloomberg, the platform is moving ahead with plans to expand its offerings despite a recent decrease in digital asset market volatility. Meanwhile, the report showed that the exchange is set to introduce options contracts for several cryptos in the European Union (EU) beginning in January.
Deribit Expanding Offerings In EU
Deribit remains committed to diversifying its options offerings despite a recent slump in market volatility for digital assets. This move signifies the exchange’s determination to provide customers with an extended range of cryptocurrency contracts, including options on Solana’s native token SOL, Ripple Labs’ XRP, and Polygon’s MATIC.
Meanwhile, the exchange’s Chief Commercial Officer, Luuk Strijers emphasized that the decrease in volatility would not deter Deribit from executing its expansion plans.
In addition to expanding its options portfolio, Deribit is actively pursuing regulatory compliance in the EU. Meanwhile, the exchange plans to apply for a brokerage license within the European Union, demonstrating its commitment to adhering to regional financial regulations.
These strategic expansions come as the crypto derivative trading volumes experienced a decline from $2 trillion at the beginning of the year to approximately $1.5 trillion in September. Despite these challenges, Deribit remains optimistic about the cryptocurrency market’s future. In addition, this recent move aims to enhance Deribit’s credibility and accessibility to European traders and investors.
Notably, in a recent interview, Luuk Strijers discussed Deribit’s decision to venture beyond its traditional options offerings, which primarily included Bitcoin, Ether, and USD Coin. With options on SOL, XRP, and MATIC, Deribit aims to diversify its portfolio and cater to a broader range of crypto enthusiasts. Strijers acknowledged concerns about the current market environment but emphasized that they anticipate increased volatility in January when these new options become available.
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A Closer Look Into The Recent Developments
The crypto derivative market has faced challenges throughout the year, primarily due to subdued digital asset prices and lower volatility compared to the peaks observed in 2021. However, industry participants are hopeful that the recent launch of Ether futures exchange-traded funds and potential approval of Bitcoin spot ETFs by US regulators could inject new life into the market.
Meanwhile, in another important move, Bloomberg said that Deribit plans to relocate from Panama to Dubai, a jurisdiction known for its crypto-friendly stance. However, this move is dependent upon receiving the necessary license in Dubai. Notably, with over 110 employees currently, Deribit intends to expand its team by hiring an additional dozen members as part of its growth strategy.
Deribit’s determination to broaden its options offerings and expand its operations to Dubai underscores its commitment to evolving in a challenging crypto landscape. Despite recent market conditions, the exchange remains bullish about the future of digital assets and aims to provide diversified options for its users.
Considering all the aspects, it seems that Deribit aims to strengthen its standing as a premier options trading platform and draw in fresh customers through these actions.
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