Dubai, September 22, 2023 — BIT, a professional cryptocurrency exchange specialising in options trading, has officially launched options trading for FIL, the native token of the Filecoin protocol, an open-source, decentralised data storage network. In partnership with trusted market makers  Coinhako and Orbit Markets, this announcement marks the expansion of altcoin options trading offerings on the BIT exchange, which already includes XRP, TON, LADYS, and ADA.

Lion, Managing Partner of BIT, emphasised the existing market demand for FIL options, saying, "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."

Currently, a substantial volume of several billion in altcoin options is being traded through OTC (Over-The-Counter) platforms, where prices are often not transparent. By introducing these altcoin options on a trusted exchange such as BIT, we aim to address several critical issues.

Firstly, it enhances pricing accuracy and transparency within the market. Traders and investors will have access to real-time, standardised pricing, providing a more reliable basis for their decisions.

Secondly, this move reduces counterparty risk and transaction cost, a concern often associated with OTC transactions. By facilitating these trades on our exchange, we can establish secure clearing mechanisms and enforce standardised contracts, mitigating risks and ensuring a fair marketplace. Ultimately, this benefits all market participants by offering a safer, more transparent, and efficient environment for altcoin options trading.

This development provides all stakeholders within the Filecoin ecosystem with an additional tool to effectively manage and hedge their portfolio risks by using advanced trading strategies.

Crypto options trading presents investors with a cost-effective and relatively low-risk approach to engage with digital assets. Alongside other crypto derivatives, options trading allows traders to control their exposure to digital assets and speculate on their future prices. BIT, as one of the key players leading the expansion of this segment, is at the forefront of this rapidly growing segment of the digital asset trading market, which is expected to continue its expansion in the years ahead.

BIT's decision to launch FIL options trading underscores Filecoin's leading position within the decentralised storage sector. Filecoin, a pioneering open-source cloud storage marketplace, protocol, and incentive layer, is dedicated to safeguarding humanity's most critical data. It has already cultivated a diverse ecosystem that spans across various sectors, including public data, healthcare, gaming, web publishing, NFTs, verifiable storage, and decentralised identity.

About BIT

BIT is a comprehensive cryptocurrency exchange designed for professional use, featuring advanced risk management and fund efficiency supported by Portfolio Margin and Unified Margin. BIT was launched in August 2020 as an affiliate of Matrixport, a prominent crypto financial services company.

For more information: visit bit.com or follow BIT on LinkedIn, X,  and Telegram.