• Deribit plans to offer XRP, Solana, and MATIC options from January 2024.
• The exchange holds an 85% market share in the crypto options space.
• Deribit is also eyeing regulatory expansion in the EU and a potential move to Dubai.

In a recent interview with Bloomberg, the Chief Commercial Officer of Deribit, Luuk Strijers, announced the platform’s plans to introduce options for Ripple (XRP), Solana, and Polygon (MATIC) starting in January 2024.

Despite the current crypto market’s lack of volatility and Bitcoin’s stagnant price range, Deribit is determined to expand its offerings to cater to market participants seeking diversified investment opportunities.

Anticipating volatility with new options

Luuk Strijers believes that the launch of options for these three altcoins will inject some much-needed volatility into the market.

Implied Volatility (IV), which measures the expected market volatility, has remained in negative territory, indicating traders’ concerns about potential downside moves. However, Strijers is confident that the introduction of these new options will lead to increased activity and price movements in January 2024.

Deribit’s dominance and expansion plans

Deribit currently commands approximately 85% of the crypto options market, with institutions accounting for the majority of its trading volume. This strong position in the industry highlights the platform’s trustworthiness and adoption among professional traders and investors.

Furthermore, Deribit is not stopping at just expanding its asset offerings. The exchange has set its sights on obtaining a brokerage license in the European Union (EU) and is considering a move to Dubai as it awaits the necessary licenses. With 115 employees currently onboard, the company is also planning to hire additional staff to support its growth and expansion initiatives.

Deribit’s move to diversify its options offerings beyond Bitcoin, Ethereum, and USD Coin demonstrates its commitment to serving a broader range of cryptocurrency enthusiasts and traders worldwide. The introduction of XRP, Solana, and MATIC options in early 2024 is a significant step toward achieving this goal and expanding its market dominance.

As the crypto market continues to evolve and adapt to changing conditions, Deribit’s expansion and willingness to embrace new opportunities exemplify the resilience and adaptability of the cryptocurrency industry. Traders and investors eagerly await the launch of these new options as they seek alternative avenues for portfolio diversification and risk management in the ever-evolving crypto landscape.