Major crypto exchange Binance has announced the launch of options contracts for both Ethereum and XRP. According to the announcement, Binance users will initially only be able to access the new products via the Binance mobile app.
Last month, Binance announced Bitcoin options for its users. With the new offering, ETH and XRP options are available for different durations. These include 24 hours, 8 hours, 1 hour, 30 minutes, and 10 minutes. Users only have access to contracts with a maximum order size of 200,000 XRPs and 200 ETHs.
Earlier this month, open contract volumes on Bitcoin options reached a new high. On March 7, the total worth of Bitcoin options crossed the $1 billion mark. According to the crypto analytics platform Skew, the major exchanges responsible for this feat include Bakkt, OKEx, CME, Deribit, and LedgerX. At the time, Deribit was the exchange with the largest number of open positions, totaling $903 million – nearly 90%.
Recently, crypto futures trading platform Bybt ranked BitMEX as the largest for the BTC futures market, and Binance as the second. At the time, BitMEX owned 33.64% of all OI contracts worth more than $562 million. Binance was at 19.1% of OI contracts, worth more than $319 million.
Currently, according to Bybt, both platforms are still in the numbers 1 and 2 positions, even though BitMEX has dropped to 33.13%, and Binance is now at 17.84%.
Image Credits: Pixabay
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