Crypto Exchange BIT Expands Product Range with Toncoin Options

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Cryptocurrency derivatives exchange BIT on Thursday introduced options tied to toncoin (TON), the native token of the decentralized layer-1 blockchain The Open Network, formerly known as Telegram Open Network.

Options are live on the platform today and will be available later on the institution-focused liquidity network Paradigm, the exchange said in a statement shared with CoinDesk.

TON is the 23rd largest cryptocurrency in the world, with a market capitalization of $3.33 billion, according to data from CoinGecko. The cryptocurrency doubled in the second half of 2022, decoupling from the broader market lull.

The offering adds to BIT’s existing suite of futures and options products tied to crypto market leaders Bitcoin and Ether. The move suggests growing investor interest in derivatives related to alternative cryptocurrencies, or altcoins. While the crypto derivatives market has exploded in size over the past three years, growth has been driven primarily by demand for bitcoin and ether derivatives.

“With the advent of dollar-margined products and the addition of various altcoin options, the options market has enormous potential for growth,” said Lan, co-founder and COO of BIT, in a statement. communicated. “BIT and our trusted partners are dedicated to increasing the accessibility of crypto options for institutional and retail traders.”

Options are derivative contracts that give the buyer the right, but not the obligation, to buy or sell the underlying asset at a predetermined price on or before a specific date. A call option gives the right to buy, while a put option gives the right to sell.

At press time, Deribit was the largest bitcoin options exchange in the world, accounting for 90% of the $6,863 million global open interest. BIT was the sixth largest in the world by volume and open interest, data tracked by Amberdata shows.

The options are being launched in conjunction with liquidity provider Darley Technologies and blockchain industry market maker and TON backer DWF Labs

“With a global community growing at a rate of more than 2% per week, as well as over 100 million transactions to date, the TON ecosystem is one of the most promising in the market,” said Andrei Grachev, Managing Partner at DWF Labs. . “Joining the options market is a logical and important step for TON as, until now, the only coins available were BTC and ETH. This means that TON will take its place alongside the most prestigious coins in crypto.”

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