Binance, the world’s largest crypto exchange by volume, has moved into the options trading space.
Known more for its crypto-to-crypto trading, the company announced on Monday that it’ll be adding options trading to its mobile app.
The announcement came shortly after Binance launched BTC Options on the Binance Futures trading platform. The launch was purportedly designed to further “Binance Futures’ mission of offering multiple choices for the traders as they continue to refine trading strategies” while “strengthening its position as a preferred crypto derivatives platform for the traders.”
“Options contract is a much-anticipated product,” said Binance CEO Changpeng “CZ” Zhao, adding that they allow “traders and miners to effectively buy insurance on their positions and for speculators to take advantage of the market movements.”
“We are excited to present the options contracts. Like the futures contracts, we will devote all our resources to BTC options initially, and introduce more digital assets when the first pair picks up,” said Aaron Gong, VP of Binance Futures. “The strategy proved to be very effective in driving the growth of Binance Futures and helping us enhance the futures product. I’m confident that it will also boost the growth of our options product.”
Binance’s move into options trading comes as the exchange saw volumes surge to new highs. Binance Futures, for instance, recently saw an all-time high of $9 billion in 24 hours. The platform took the number one spot (24-hour volume-wise) in just six months, and has taken the lead in perpetual and BTC perpetual markets.