Deribit is planning to introduce options contracts for three major altcoins. In January, the cryptocurrency exchange for options will offer options trading for Solana's SOL, Ripple Labs' XRP, and Polygon's MATIC token.

This expansion, as reported by Bloomberg, is part of Deribit's strategy to diversify its product portfolio despite the uncertain market conditions. Additionally, the crypto exchange is preparing to apply for a brokerage license within the European Union, with the aim of establishing a stronger presence in the region.

While there has been a decrease in crypto derivative trading volumes in recent months, dropping from about $2 trillion at the start of the year to around $1.5 trillion in September, Deribit remains optimistic. These challenges have been worsened by lower crypto prices and reduced volatility compared to the highs experienced in 2021.

Deribit Expands amid Crypto ETF Anticipation

Deribit's expansion represents a notable shift from its previous focus on major tokens like Bitcoin and Ether. Besides that, the Panama-based exchange plans a strategic move to Dubai, known for its crypto-friendly regulatory environment, once it secures the necessary licensing.

Market experts and traders are anticipating the launch of Ether futures exchange -traded funds (ETFs) and potential approval from U.S. regulators for spot Bitcoin ETFs. These developments could boost volatility in the crypto market.

Deribit's existing products include options and perpetual futures linked to Bitcoin and Ethereum. These offerings have garnered significant popularity among traders using them for portfolio hedging and speculating on market volatility . In September, Deribit held a dominant position, accounting for 86% of the global crypto options market.

Strengthening Institutional Offerings

In addition, the crypto exchange has forged significant partnerships in the industry. Last month, it partnered with Talos, a provider of institutional digital asset trading technology, to enhance options trading for institutional clients.

Anton Katz, the CEO and Co-Founder of Talos, said: "We are thrilled to join forces with Deribit to offer high-performance crypto options trading to our diverse range of institutional clients. Options are an important instrument for institutions to access and manage their exposure to digital assets."