Crypto exchange giant Binance is set to extend its cryptocurrency trading list by offering a European-style Bitcoin options contract.
The launch confirmed on December 28 follows a successful testnet trial performed back in November. The press statement also revealed that the latest options deal in Tether would be valued and settled.
According to Cointelegraph.com, Binance identified the increasing demand for BTC alternatives as the reason for debuting the new product as part of the announcement. Bitcoin options reached $1 billion earlier in December for the first time, with overall open interest almost hitting the $6 billion mark.
Binance CEO Changpeng Zhao commented on the launch, mentioning that Bitcoin had recently hit $28,000, reflecting the growing amount of investment in the crypto space, adding: “The crypto industry’s growth is in good part attributable to a combination of factors, including wider public education and institutional interest, innovation in DeFi protocols and smart contracts, and development of a robust derivatives market.” Back in April, with the introduction of American-style BTC options contracts, Binance joined the expanding cast of exchanges rolling out Bitcoin options trading. The key difference between the American and European formats is that it is only at the expiration of the agreement that traders will practice the latter.