CME Group announced that it would launch options bound to Solana (SOL) and XRP Futures by 13 October, according to a September 17 rack.
According to the company, the option product will be offered on standard and micro contracts for both tokens, whereby the entire year is available every week.
The stock market said that these contracts were designed to meet the growing demand of institutions and professional traders who are looking for tools outside of Bitcoin and Ethereum.
In contrast to its Futures product, which binds traders to buy or sell on a future date at a fixed price, the option product offers investors the right, but not the obligation, to enter into those contracts. This flexibility enables market participants to cover down risks or to make better use of price movements.
Giovanni Vicioso, CME’s worldwide head of Crypto products, said:
“The launch of this option contracts builds on the significant growth and increasing liquidity that we have seen in our series of Solana and XRP -Futures.”
In particular, CME’s decision continues on months of increasing liquidity in its existing Solana and XRP -Futures.
Since the debut of Sol -Futures in March, more than 540,000 contracts have changed ownership, with a fictional value of $ 22.3 billion. Trading Momentum peaked in August, when open interest reached 12,500 contracts with a value of almost $ 900 million.
On the other hand, XRP -Futures, which were launched in May, also generated similar activity.
De Exchange reports more than 370,000 contracts that have been traded to date, worth $ 16.2 billion in total. Average daily volumes have risen to 6,600 contracts, with open interest that recently affects $ 942 million.
In view of this, the stock market argues that this liquidity proves that there is sufficient demand to maintain a market for parallel options.
The exchange coordinates with large liquidity providers, including Cumberland and Falconx, to support the launch.
Joshua Lim, worldwide co-head of markets at Falconx, said:
“The rise of treasuries of digital assets and other access vehicles for crypto has only accelerated the need for institutional hedging -tools on Solana and XRP.”