One of the largest cryptocurrency trading and derivative platform OKEx, announced the launch of its Ether options contract on June 4th.
On June 18th, the trading platform will also launch the EOS/USD options as well. The trading platform also confirmed that they had put 1000 ETH in the ETH Options insurance fund to avoid a clawback.
— OKEx (@OKEx) June 5, 2020
OKEx has managed to make a name for itself in the derivatives market, offering a range of derivative products, including crypto futures and perpetual swaps for BTC and ETH.
Before launching the Ether/USD options, the firm has already launched BTC/USD options, which has proven to be a hit among traders. As per a recent data set released by Skew, OKEx’s BTC/USD options brought in an average daily transaction volume of over $10 million. Jay Hao, CEO of OKEx.commented on the launch of Ether options contract and said:
“The launch of the ETH/USD options provides our users with more trading tools to fulfill their needs of executing different trading strategies. Based on the success of the OKEx BTC/USD options, we are confident to bring users better options trading experience. “OKEx will never stop innovating our products and provide users with one-stop trading services. For example, EOS/USD options will open soon on OKEx. Stay tuned!”
OKEx's success in the derivatives market meant that it successfully overtook Bitmex to become the largest bitcoin futures market share.
Derivative products help in hedging risks in hard times and maximize profits. Among these numerous derivative products, options and futures are the most popular ones.
Options contracts allow the traders to buy/sell depending on the type of contract, and the underlying asset, be it Bitcoin or Ether, helps traders to hedge risk.