BIT Unveils Options Market For Cardano’s ADA Token
Cryptocurrency derivatives exchange BIT launched options related to Cardano’s ADA token, promising to introduce more cryptocurrencies in the following months.
The ADA options are now available on the platform and are denominated and settled in US dollars, according to a press statement shared with CoinDesk. According to the exchange’s spokeswoman, one ADA options contract equals one ADA.
At press time, ADA, the native token of Ethereum competitor Cardano, has a market value of $9.73 billion and is the world’s eighth-largest cryptocurrency. Alternative cryptocurrencies are more volatile than the market leaders, bitcoin and ether.
Because ADA options are now available, traders can use them to hedge their portfolio risks or bet on a volatility explosion, as they have done with bitcoin and ether options.
Traders can utilise their coin holdings as collateral to trade ADA options at a discount using BIT’s unified margin mechanism.
(With inputs from Shikha Singh)
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