Binance announces the addition of Litecoin (LTC) options

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Nov 25, 2020
  • Crypto exchange Binance recently announced the new addition to its options contracts.
  • The exchange revealed plans to add Litecoin (LTC) options, allegedly due to large demand.
  • LTC contracts, as other options contracts on Binance, will have expiry dates ranging from 10 minutes to 1 day.

Binance cryptocurrency exchange recently announced plans to start offering options contracts for Litecoin (LTC). The exchange revealed this in yesterday’s blog post, noting that they will go live today, Wednesday, November 25th, at 07:00 UTC.

Litecoin options arriving on Binance

Binance is an exchange known for its massive ecosystem, large userbase, as well as a great selection of supported cryptocurrencies and other assets available for trading.

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However, its users are constantly requesting more to be added, and so Binance stated that the biggest reason for adding Litecoin options is its response to user demand.

Of course, the exchange also noted that options are an important hedging tool, which is particularly useful when market rallies are concerned. These are financial instruments that allow traders to purchase or sell underlying assets at a predetermined price, and to do it before or on a specific date.

Binance’s contracts have expiry dates that can go from 10 minutes to 24 hours, which is significantly shorter than what traditional options can offer. However, they can still be executed at any time before the time and date of the contract’s expiration.

Now, when it comes to Litecoin options, this is the exchange’s sixth options contract listing. The exchange’s announcement also noted that the new listings will be available on the latest version of Binance’s mobile app.

The coin’s price currently sits at $88.12 — 2.82% lower than 24 hours ago. However, on a weekly basis, Litecoin still sees a positive performance, as it grew 20.64% in the last 7 days. The coin is currently the 7th largest cryptocurrency by market cap.

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