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Crypto derivatives exchange Deribit lists daily ether options

Tue, 18 Feb 2020, 11:11 am UTC

Cryptocurrency derivatives exchange Deribit announced on Twitter on Monday that it just listed ether (ETH) daily options on its platform.

According to CoinDesk, ETH daily options will have strike price intervals of $5. The product can be traded 24 hours before its expiry at 08:00 UTC daily. Initially, it will have a lifetime of two trading days.

The launch comes two weeks after Deribit's daily bitcoin options went live. The exchange hopes to attract more users with this new product, especially the day traders.

“Daily options only have one or two days remaining lifetime and thus lower time value or premium and thus [are] cheaper. These shorter-dated, cheaper options are great instruments to use for short term strategies enabling the trader to hedge events or benefit from expected short term moves,” Deribit CMO Andras Caron told CoinDesk.

Also, starting Feb. 19, the tick size for ETH options will be reduced from 0.001 ETH to 0.0005 ETH.

The derivative space has become more competitive with giant derivatives marketplace like the Chicago Mercantile Exchange (CME) and Intercontinental Exchange’s Bakkt launching bitcoin options.

However, Deribit seems to be leading the space with the exchange accounting for almost 90 percent of the global volume as of Jan. 28.

Meanwhile, last month, Deribit announced that it would be moving to Panama. The move comes ahead of the adoption of “very strict implementation” of new EU regulations that applies to crypto companies in the Netherlands where the company started.

“We believe that crypto markets should be freely available to most, and the new regulations would put too high barriers for the majority of traders, both - regulatory and cost-wise,” Deribit said. “Therefore, we have decided to operate the Platform from Panama. The team and leadership will remain the same with John Jansen as the CEO.”

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