Crypto derivatives platform, Bybit announced on Tuesday that it will further expand its product line by offering cryptocurrency options trading. The new products will be added alongside the existing line of perpetual futures contracts and expiration futures contracts.
The decision to launch the new derivatives product was taken based on the feedback of Bybit’s existing user base, the company detailed.
“Options is something that our existing clients have long been asking for since there has been no other revolutionary product offered in the market at the moment,” Bybit’s Co-Founder and CEO, Ben Zhou said in a statement.
At the launch of the new instruments, Bybit will offer USDC options and perpetuals through portfolio margin. However, the company is yet to announce the launch date.
Demand for Crypto Derivatives
Bybit was launched in 2018 and has become one of the largest venues for crypto futures trading. But, the company is expanding its services as it introduced spot trading last year.
The exchange’s latest interest in crypto options came when it decided to move its headquarters from Singapore to Dubai. It gained in-principle approval to conduct ‘virtual assets business’ in the emirate under the newly introduced crypto framework.
But, Bybit’s interest in crypto options did not come as a surprise. Zhou floated the idea of introducing crypto options last July and Bybit’s Head of Communications, Igneus Terrenus, last month revealed the company’s plans to capture 50 percent of the crypt options market. Currently, Deribit is the leading exchange offering crypto options.
“We are confident that our state-of-the-art offering will set the bar for the sector and normalize crypto options trading, just like what Robinhood did for stock options. We are also excited to bring with us to options trading the world-class liquidity and reliability our clients have come to associate with Bybit,” Zhou added.
