Singapore-headquartered crypto exchange Bybit has added crypto options trading to the suite of products it offers. A press release revealed this news earlier today, noting that the company decided to roll out options trading based on user feedback. This launch further bolsters Bybit’s product line, which features spot, derivatives, mining, and staking offerings, to name a few.
According to the press release, Bybit users will now be able to trade USD Coin (USDC) options and perpetuals through portfolio margin, which is best suited for professional traders, to increase fund utilization based on the underlying price and volatility.
The publication further noted that this launch would help Bybit become an all-in-one trading platform with an intuitive interface that offers open API support. In so doing, Bybit hopes to enable the flexible trading of European-style linear options.
Bybit co-founder and CEO Ben Zhou commented,
Options is something that our existing clients have long been asking for since there has been no other revolutionary product offered in the market at the moment.
He added:
We are confident that our state-of-the-art offering will set the bar for the sector and normalize crypto options trading, just like what Robinhood did for stock options. We are also excited to bring with us to options trading the world class liquidity and reliability our clients have come to associate with Bybit.
Bybit’s speedy rise to the top
Launched in March 2018, Bybit has quickly cemented its position as a leading cryptocurrency exchange. At the moment, Bybit is the 16th-largest crypto exchange by trading volume, coming after FTX.US.
The platform’s swift growth saw it launch a non-fungible token (NFT) marketplace in January, offering users streamlined access to the booming industry. Unlike other marketplaces, Bybit does not need users to create or import wallets. Instead, registered users can buy and trade NFTs through their spot accounts.
Apart from launching an NFT marketplace, Bybit made headlines after signing a $150 million deal with Red Bull’s Formula 1 team. The deal will last for three years, and Bybit will pay $50 million each year. Notably, this agreement became the largest crypto-related sponsorship deal in the sports world.
Stepping up its expansion plans, Bybit also opened its Dubai branch in March, joining the likes of Binance, FTX, and Crypto.com.
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