Bybit, a virtual currency exchange based in Singapore, has extended its services to include cryptocurrency options trading. Users can now trade USDC perpetual and options via portfolio margin. This margin applies a risk-based methodology for savvy investors to enhance fund usage depending on its volatility and price. Through the usage of this feature, Bybit customers can bet on the potential value of a virtual currency while also settling transactions in USDC.
The Latest Bybit Feature
Following the information provided by CryptoPotato, the feature will allow Bybit’s customers to bet on a digital asset’s future price and settle transactions in USDC. The option contracts differs from futures trading, in which a transaction is necessary and must be completed by the time of settlement. When using the former, traders may expect to face lower risks since the amount of risk is regulated by the price paid, but this limitation for traders is not there when using futures contracts.
Ben Zhou, Chief Executive Officer of Bybit, said that the cryptocurrency options trade has proven to be a very appealing feature for customers “since there hasn’t been any other breakthrough product presented in the industry at the time.”
According to the CEO, “We are sure that our recent addition will raise the bar for the industry and normalize cryptocurrency options trading, similar to what Robinhood exchange did with stock options.”
Bybit Trying To Catch Up With Competitors
Bybit, which was founded in 2018, has already gathered more than 2 million registered members. The firm has been very busy in the last year, releasing various new functionalities and forming collaborations with popular brands.
In November, it signed a sponsorship agreement with the Argentine Football Association (AFA), making it the Global Main Sponsor of the country’s national football team. More importantly, until 2023, Leo Messi and his companions will be required to wear the firm’s emblem on their practice kit.
Also, Bybit made its foray into the NFT arena at the start of the year by introducing a marketplace for NFTs. Customers could trade virtual items straight from personal spot accounts, which was not allowed on other platforms.
“We are pleased to give Bybit users a premium NFT system so that they may help build a new market and a universe known as the Metaverse,” the CEO of Bybit noted.
Afterward, the corporation entered a contract with Formula 1 from Redbull. As a result, Bybit was appointed as the racing club’s Principal Team Partner. It made a commitment to support Red Bull’s NFT efforts, boost fan tokens, and encourage access to finance for women working in the blockchain field.