Cryptocurrency exchange OKEx has launched bitcoin options trading for a select group of clients ahead of a public launch next month.
The new contract will be settled daily in bitcoin, according to an announcement shared with The Block on Thursday. The public access will be opened on Jan. 9.
“We welcome clients from different segments, especially from our institutional clients, who have shown the fastest-growing demand in derivatives trading, especially on futures and perpetual swap,” said Lennix Lai, financial market director of OKEx. The exchange is one of the top three players in the derivatives space, according to data from Skew, compiled by The Block.
To access OKEx options, users will have to go through a know-your-customer (KYC) verification process, as well as pass a suitability test to show they understand options trading, the Malta-headquartered exchange said earlier this month.
Derivatives exchange giant CME Group has also been preparing to launch an options product tied to its bitcoin futures on Jan. 13, while Bakkt launched its options contracts earlier this month. Crypto exchanges Deribit and LedgerX also offer options trading, among other platforms.