Ahead of Cash-Settled Bitcoin Options Launch, OKEx Rolls Out 150k USDt Reward Trading Contest
- Institutional demand driving the crypto exchange to launch options later this month
- Bakkt launched options tied to Bitcoin futures today while CME Group is preparing for the launch on Jan. 13
Cryptocurrency exchange OKEx is planning to launch Bitcoin options later this month. The Malta-headquartered exchange currently offers spot and futures trading in Bitcoin.
NEW LAUNCH: Another big news! We'll soon launch Options Trading on #OKEx.
Starting from Dec 12, join our Simulation Trading Contest & share rewards up to 150,000 $USDT 🏆🎉
— OKEx (@OKEx) December 9, 2019
Now, on the back of institution demand, it is launching cash-settled options before 2019 is over. Jay Hao, CEO of OKEx said,
“We have been seeing the increasing demand of crypto derivative products across all our client segments, especially from our institutional clients, which have shown the fastest growing demand in derivative trading, especially on futures or perpetual swap.”
Before launching the options, OKEx is conducting an options trading simulation contest from 04:00 Dec 12 – 04:00 Dec 23 (UTC) to get a share of 150,000 USDT.
The reward distribution is as follows:
- 1st place: 7,000 USDT plus 3,000 USDT-value rebate card
- 2nd – 5th: 12,000 USDT plus 8,000 USDT-value rebate card
- 6th – 10th: 5,000 USDT plus 5,000 USDT-value rebate card
- 11th – 50th: 8,000 USDT plus 4,000 USDT-value rebate card
- 51th – 100th: 2,500 USDT plus 2,500 USDT-value rebate card
For this simulation contest, each participant gets a simulation fund of 10 BTC. In case you make a profit in the trading simulation contest, 1% of your simulation gain will be realized and credited to your OKEx account after the contest ends.
Today, Bakkt launched the first CFTC regulated option on the futures contracts for Bitcoin. CME Group is also preparing to launch its options contracts on January 13. Crypto exchanges Deribit and LedgerX already offer options trading.
The leading cryptocurrency exchange Binance that launched Bitcoin futures trading in September hasn’t shared any plans for introducing options. However, futures trading is now available on its iOS and Android devices.