Crypto exchange BIT launches support for TON options. Paradigm to follow

Rick Steves

“Joining the options market is a logical and important step for TON, because until now the only coins available there were BTC and ETH. It means TON will take its place alongside crypto’s most prestigious coins. We have invested $10 million in the TON Foundation last year, and we have pledged – and already started deploying capital – to support 50 projects in 2023.”

BIT exchange has launched options trading of TONcoin (TON), thus becoming the third cryptocurrency available for this purpose after Bitcoin (BTC) and Ethereum (ETH).

TON options trading will also be available on Paradigm, the institutional liquidity network for derivatives traders, at a later stage.

The Open Network (TON) is a third-generation proof-of-stake blockchain initially designed in 2018 by the Durov brothers, the founders of Telegram Messenger. TON’s layer-1 architecture is designed to scale up to 2 to the power of 32 workchains, each of which can be subdivided into up to 2 to the power of 60 shardchains. TON is currently the 26th largest crypto by market capitalization, according to coinmarketcap.com.

DWF Labs and Darley Technologies ensure liquidity for TON

It was a partnership with liquidity provider Darley Technologies and market maker DWF Labs that enabled the introduction of TON options on the crypto exchange and Paradigm.

Darley Technologies intends to play a key role in democratizing crypto options trading, and is committed to participating in future projects that will bring this vision to reality.

Clément Florentin, CEO & Co-founder of Darley Technologies, said: “Through cutting edge technology, innovation and an entrepreneurial spirit, Darley Technologies has the vocation to democratize options. Offering market making services on the unique alt-coins options market is a new milestone for us. In addition, this new project, in collaboration with BIT, TON Foundation and DWF Labs, epitomizes the growing trust and synergies with our long standing partners.”

DWF Labs is a prominent backer of the TON ecosystem, having committed $10 million to its growth in November 2022 and a total of 50 seed investments scheduled over the next 12 months, all of which are designed to accelerate the growth of TON and its projects.

The market maker is expected to increase the number of TON ecosystem participants by improving the TONcoin volume across supporting platforms. The partnership with BIT exchange and Paradigm is part of the abovementioned efforts to increase the volume further. An OTC market for TON will facilitate large transactions between buyers and sellers. DWF Labs trades almost 2,000 pairs.

Andrei Grachev, Managing Partner at DWF Labs, commented: “With a global community growing at a speed of more than 2% weekly, as well as more than 100 million transactions to date, the TON ecosystem is one of the most promising on the market. Joining the options market is a logical and important step for TON, because until now the only coins available there were BTC and ETH. It means TON will take its place alongside crypto’s most prestigious coins. We have invested $10 million in the TON Foundation last year, and we have pledged – and already started deploying capital – to support 50 projects in 2023.”

BIT features USD-margined options

Crypto options are a type of derivative contract that gives its buyer the right, but not the obligation, to buy or sell an underlying asset at a set price on or before its expiration date. Like other crypto derivatives, options enable traders to manage their exposure to, and speculate on the future price of digital assets.

This is a fast-growing segment of the digital asset trading market. In traditional finance, the options trading market is 35 times bigger than the spot market, yet in crypto, it only accounts for 2% of all trading activity.

BIT features USD-margined options. With USD as collateral, BIT enables users to trade a variety of options including BTC and ETH, and has the unique capability to quickly add support for additional altcoins.

“We are thrilled to be working with Darley Technologies and DWF to offer TON options. With the advent of dollar-margined products and the addition of various altcoin options, the options market has enormous growth potential. BIT and our trusted partners are devoted to increasing the accessibility of crypto options for both institutional and retail traders,” BIT Co-founder and COO Lan said.

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