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Binance cryptocurrency exchange recently announced plans to start offering options contracts for Litecoin (LTC). The exchange revealed this in yesterdayâs blog post, noting that they will go live today, Wednesday, November 25th, at 07:00 UTC.
#Binance Options Will List $LTC ContractâĄïžhttps://t.co/Q9JprpIkBG pic.twitter.com/gHHKEpfRiq
â Binance (@binance) November 24, 2020
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.
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.
Binanceâs 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 contractâs expiration.
Now, when it comes to Litecoin options, this is the exchangeâs sixth options contract listing. The exchangeâs announcement also noted that the new listings will be available on the latest version of Binanceâs mobile app.
The coinâs price currently sits at $88.12 â 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.
The post Binance announces the addition of Litecoin (LTC) options appeared first on Invezz.
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