Matrixport, a crypto-financial services firm, is launching its crypto derivatives platform offering perpetual swaps and options. The new platform, named Bit.com, aims to start the trading of perpetual Bitcoin swaps from August 3 with BTC options expected to be added two weeks later.
Matrixport’s Bit.com crypto derivative services will not be available to several restricted countries, including the U.S and Japan.
A Growing Crypto Derivatives Market
Matrixport is a crypto-financial services firm offering users ready trading, custody, and loaning platform. The decision to provide crypto derivatives follows a successful period in the market as the futures and options market outgrows the spot market.
Matrixport COO Daniel Yan urges investors to test the crypto derivatives market with a prediction that the options market will grow up to 100x by 2023. Bitcoin futures market set a six-week high in daily volumes traded on Monday as Bitcoin’s price crossed above the $10,000 mark.
The options market offers an even better prospect for growth, Yan said. However, with Deribit holding 85% of all the BTC options volume, the market remains narrow for big investors in the space. Furthermore, he points out the liquidity challenges that Deribit exchange faces and Bit.com aims to solve in the coming future. Yan said in a report from crypto media site, TheBlock,
“Deribit does not provide substantial liquidity. Another thing is Deribit has not given enough benefits for users to grow with it.”
A Focus on Crypto Futures
Bit.com will focus on penetrating and offering better benefits on the options market, given the room for growth available but also do the same for Bitcoin and crypto futures as well. Matrixport is a brainchild of Bitmain’s founder Jihan Wu, launched in 2019 to offer a wide range of crypto services, including trading, lending, and custody services.
The crypto startup, headquartered in Singapore, announced plans to open up an office in Zurich, Switzerland, in November 2019, as reported by BEG. The Zurich office is a bid to expand its reach in the European market.