BIT lists XRP options trading

BIT has announced that it is listing XRP Options Trading on the platform. BIT is a crypto exchange that dedicatedly offers Options Trading to its customers. XRP is not the 6th digital asset to be listed at BIT. Previously listed digital assets on the platform for Options Trading are ETH, BTC, TON, ADA, and LADYS. The announcement follows the rising interest of the community in the XRP market.

The interests are high as the US Court delivered a judgment on July 13, 2023, stating that XRP can function without being categorized as securities. This came as, what the crypto community likes to call, a partial defeat for the US Securities & Exchange Commission, also known as the SEC. The Commission had filed a case against Ripple to seek XRP to fall under the said category. The purpose was to be able to gain better monitoring control over digital assets.

With the US Court ruling in favor of Ripple, everyone has started looking at XRP once again. This includes platforms that had to delist the token amid the legal battle. Most of them have relisted XRP on the platform to allow their users to start trading the token.

BIT enters the picture to leverage the first mover’s advantage in the industry. XRP Ledger comes loaded with the reputation of being energy efficient, open-source, and decentralization. It only makes sense that BIT taps into the market, which very few players have thought about. What is best to work in their favor is the benefit of low cost and low risk. Meaning customers will not have to shed a lot of money to access XRP Options Trading, and they will be able to mitigate the risk to a lot of extent.

Notably, risk will exist, but the capacity to minimize the loss will be higher than usual. Needless to say, it is always better to consult an expert before venturing out for Options Trading of any digital asset.

BIT, in the announcement, has highlighted that holders and investors of XRP Options Trading will be able to manage and hedge their funds. The initial liquidity will be supplied by OrBit Markets. Traders and investors – retail & institutional – have the ability to manage the exposure to digital assets and speculate their prices for the future.

All transactions will be settled in the US Dollar. This includes the calculation of profit and loss, making it convenient for traders to understand how much they have in their accounts. Users will not be required to hold XRP throughout the process.

Justin Buitendam from BIT has expressed pride in listing XRP on the platform. The Global Head of Institutional Sales has added that they are one of the first exchanges to make XRP Options Trading accessible to all types of traders – giving them options of short and long simultaneously. BIT and the team behind the platform are now looking forward to scaling the availability of the product to their customers across the globe.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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