Aug 14, 2024 — BIT Crypto Exchange (www.bit.com), a leading cryptocurrency exchange specialising in options trading, has launched options trading for Near Protocol (NEAR), accelerating the development of crypto financial markets by enabling diverse products.

A new addition to BIT’s altcoin options offering

NEAR now stands as the eighth token available for options trading on the BIT platform, following BTC, ETH, BCH, SOL, XRP, FIL, and TON. 

Crypto options trading offers investors a relatively low-cost and low-risk approach to trading digital assets. Along with other crypto derivatives, options trading enables traders to manage their exposure to digital assets and speculate on their future prices. Crypto options trading is a fast-growing segment of the digital asset trading market that is expected to grow rapidly in the coming years.

As a USDT denominated and settled exchange, users can trade NEAR options without needing to hold the underlying assets. Furthermore, all profits and losses are calculated in USD, facilitating easier performance assessment and return calculation for users.

Near Protocol: Innovations and Growing Institutional Interest

NEAR Protocol is a groundbreaking project designed to offer a novel blockchain infrastructure, distinguished by its high speed, low costs, and seamless compatibility with existing decentralised application (dApp) platforms.

By tackling blockchain scalability challenges, NEAR Protocol is set to drive broader adoption in the crypto ecosystem. A significant advancement within NEAR is NEAT, a rollup scaling solution designed for AI and machine learning applications. Moreover, in response to the growing demand for diverse crypto asset exposure, Grayscale Investments launched the Grayscale Near Trust, allowing individual and institutional accredited investors to access NEAR. 

Surge in Options Trading Popularity

The crypto market has experienced several major events in 2024, including the launch of a Bitcoin spot ETF in January, the Bitcoin halving in April, and an Ethereum spot ETF in July, followed by ongoing discussions about other spot ETFs. These developments and related macroeconomic factors have created more interest in the market. As a result, options trading in the cryptocurrency market is gaining traction as investors seek advanced tools to manage risk flexibly and optimise their portfolios. 

The growing interest in options trading is also driven by increased institutional adoption, the maturation of digital asset markets, and a broader selection of tradable assets. Consequently, options trading is becoming essential to the crypto landscape, offering flexibility and new opportunities.

Justin Buitendam, Global Head of Institutional Sales at BIT, comments on the launch of NEAR options trading, "By introducing NEAR options trading on BIT, we are not just expanding our product offerings but revolutionizing how investors approach crypto derivatives. This advancement enhances clearing processes, standardizes contracts, and empowers investors with sophisticated tools to effectively manage and hedge portfolio risks in the crypto markets."

Expanding BIT's Options Trading Offerings

In partnership with the esteemed market maker G-20, BIT ensures smooth market operations by facilitating the buying and selling of options.  

Jonathan Mathai, COO at G-20, states, “At G-20, we firmly believe in NEAR's positioning and narrative in the L1 crypto space and are delighted to help BIT Exchange expand its altcoin options offering through NEAR derivatives.”

The introduction of NEAR options on BIT further diversifies the exchange's product suite, underscoring its role in driving the development of the cryptocurrency options market.

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, follow BIT on LinkedIn, X, and Telegram, or contact vip@bit.com