BIT exchange launches Filecoin (FIL) options trading

BIT, a crypto derivatives trading platform based in Dubai, has launched options trading for Filecoin (FIL), opening up the options trading market to professional traders within the Filecoin ecosystem.

The exchange is partnering with key industry market makers Coinhako and Orbit Markets to offer the product.

Demand for Filecoin options trading

BIT, in details published in a blog post on Friday, noted that the Filecoin options is an expansion to the current suite of altcoin options products on the exchange. These altcoins include XRP (XRP), Toncoin (TON), Milady (LADYS) [read more], and Cardano (ADA).

The new options pair is FIL/ USDT and will be denominated and settled in USDT. Trading is available on web, mobile App and API.

With the offering, Filecoin traders now have access to trading strategies that will help them manage and hedge portfolio risks.

Lion, managing partner at BIT, said:

“We’ve received increasing interest from institutional investors, miners and hedge funds to offer FIL options. This launch is a direct response to the growing demand within the Filecoin community and the broader crypto market.”

The goal of having these options on an exchange like BIT helps address multiple issues affecting the market, including pricing accuracy, transparency, transaction costs and counterparty risk.

Altcoin options trading account for billions of dollars’ worth of volume on OTC (Over-The-Counter) platforms. However, as BIT notes, price isn’t always transparent on such platforms.

Facilitating options trades on an exchange brings real-time, standardised pricing and reliability to the market. It also enhances standardisation in terms of secure clearing mechanisms, contracts, and risk mitigating.

Filecoin price outlook

Filecoin is a decentralised storage network and marketplace that has application across several sectors – from healthcare, public data and gaming to NFTs, web publishing and verifiable storage. The native token of the ecosystem is FIL, whose price currently sits around $3.22.

FIL price is largely flat in the past 24 hours amid a broader crypto market lull that sees Bitcoin struggle for upside below $26,700 and Ethereum come under pressure below $1,600 after founder Vitalik Buterin moved tokens again.

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