BIT Platform Adds XRP Options
Cryptocurrency derivatives exchange BIT has recently increased the range of tradable instruments by adding settlement options based on XRP.
This was in response to increasing market interest in the asset following the partial victory that Ripple achieved in court.
On July 2023, the US Southern District Court concluded that XRP token sales and other distributions do not constitute investments contracts.
The option products offered by BIT are denominated in US dollars and join existing underlying assets such as Bitcoin, Ethereum, Cardano (ADA), Toncoin (TON) and Milady (LADYS).
According to the exchange, XRP options will provide portfolio risk management and speculation opportunities.
Orbital Markets has been enlisted to provide initial liquidity for the new contract.
The consequences of the court decision were felt in the crypto space, with exchanges such as Coinbase, Gemini, Binance, Kraken, Crypto.com and Bitstamp reintegrating XRP for US customers.
During the 16 weeks following the ruling, there was a major uptick in demand for XRP products. Recently, news emerged of the SEC’s willingness to contest its defeat in the ongoing court case with Ripple.
