Binance-backed derivatives exchange FTX launches bitcoin options

Bitcoin • January 13, 2020, 7:30AM EST
UPDATED: January 13, 2020, 7:39AM EST
Shutterstock

Cryptocurrency derivatives exchange FTX, in which Binance acquired an equity stake recently, has launched bitcoin options.

The options, currently unavailable to U.S. users, went live on Sunday, said FTX, adding that some features such as limit order are yet to be implemented.

FTX's bitcoin options are cash-settled to U.S. dollars (USD), and like its futures, these can be traded on margin.

Sam Bankman-Fried, founder and CEO of FTX, tweeted that the options hit $1 million of volume within two hours of its launch, while in the first 12 hours, it traded about 2,000 contracts. 

FTX was launched in May 2019 and has been aiming to gain market share in the space which is currently dominated by BitMEX, OKEx, and Huobi, according to data from Skew. Binance invested “tens of millions" in FTX last month.

The cryptocurrency derivatives market, in general, is heating up. CME Group is also expected to launch bitcoin options today. OKEx and Bakkt also recently launched bitcoin options. Deribit and LedgerX exchanges have been offering options trading since months. 

AUTHOR

Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

See More
Connect on

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on

More by Yogita Khatri