- Toncoin (TON) options went live on the crypto derivatives exchange BIT on Thursday, 26 January.
- TON is now the third cryptocurrency available for options trading on BIT, adding to Bitcoin and Ethereum.
- The options product will also go live on institutional liquidity network Paradigm in early February.
Crypto derivatives exchange BIT has launched options trading for Toncoin (TON), the cryptocurrency native to The Open Network (TON) ecosystem.
Options, which is a contract that allows a trader the right to buy or sell an asset, is one of the most popular crypto derivatives products in the market.
According to details shared with CoinJournal via a press release on Thursday, trading options for the digital token will also go live on Paradigm in early February. Paradigm is a leading institutional-focused derivatives liquidity network.
BIT adds TON to product suite
Until BIT’s launch of the TON options trading, market participants could only access options pegged on the world’s two largest cryptocurrencies by market cap – Bitcoin (BTC) and Ethereum (ETH).
The product is a result of a partnership between BIT, leading crypto market maker DWF Labs and liquidity provider Darley Technologies,, the BIT team noted in the press release.
According to the derivatives exchange, the launch of Toncoin options could see the digital token attract more institutional investors and other big money players, offering a low-risk avenue for this group of investors to gain exposure to the market.
Data from CoinGecko shows that TON ranks 23rd among the largest cryptocurrencies by market cap. At the time of writing, the Toncoin market cap stood at around $3.5 billion, with the price of TON token changing hands near $2.38 and up 6.4% in the past 24 hours.