Deribit to Add Solana, XRP Despite Crypto Bear Market

Deribit to Add Solana, XRP Despite Crypto Bear Market

News, Altcoin news

Leading crypto options exchange Deribit plans to add trading products for Solana, XRP, and Polygon in 2023 despite depressed digital asset prices and lower volatility.

In an interview, Chief Commercial Officer Luuk Strijers said the bearish environment “will not defer our plans” to offer new altcoin options contracts starting in January.

Expanding Beyond BTC and ETH

According to Strijers, Deribit intends to provide traders with additional coin options beyond stalwarts like Bitcoin and Ethereum for the first time.

While the crypto derivatives market has declined in recent months, Strijers expects “some increased volatility in January when we launch options on three altcoins.”

Applies for EU Brokerage License

Beyond new offerings, Deribit also aims to apply for an EU brokerage license to expand its geographic reach.

If approved, the Panama-based exchange would relocate its headquarters to Dubai, a relatively crypto-friendly jurisdiction.

Market Recovery Expected

Crypto derivatives trading volume dropped from $2 trillion last year to $1.5 trillion recently due to depressed digital asset prices.

But analysts foresee Ethereum futures ETFs and a potential Bitcoin spot ETF approval reviving volatility.

By committing to new options despite recent crypto downturns, Deribit is positioning itself for the next market cycle. Its continued expansion of trading products exemplifies resilience even amid prolonged bearishness.

Deribit, Solana, XRP