Malta-based cryptocurrency exchange OKEx has introduced an invite-only program for a select group of its users who will be chosen to take part in testing out its soon-to-be-launched cryptocurrency options trading platform.
On Thursday, December 26th, the exchange announced on Twitter that applications for the beta-testing program were now open allowing users to express their interest in participation through a Google form.
“We are more than excited to announce that OKEx Options Trading is going live today!” OKEx noted in a press release shared with The Crypto-Economy on Thursday. “To further improve the stability of our matching engine, at this stage, the options trading platform is only available by invitation only. You can be the first to experience and explore live options trading at OKEx by filling out this form.”
To qualify to take part in the invite-only program, users will need to go through a KYC verification process as well as a suitability test in which the exchange will assess the familiarity of the applicant to trade options. Ideally, the candidates picked for the program will be seasoned options traders preferably in the cryptocurrency field who will test out the crypto options product before it rolls out to the public next month. A previous announcement earlier this month stated that the product will be launching on January 9th.
“We welcome clients from different segments, especially from our institutional clients, who have shown the fastest-growing demand in derivatives trading, especially on futures and perpetual swap,” said Lennix Lai, who is OKEx’s financial markets director.
OKEx’s CEO Jay Hao said earlier this month that,
“We have been seeing the increasing demand of crypto derivative products across all our client segments, especially from our institutional clients, which have shown the fastest growing demand in derivative trading, especially on futures or perpetual swap.”
At the time, Hao revealed that OKEx’s proposed options trading product would include both a buy and write (sell) option as opposed to most market products that only offer the buy option.
A crypto futures option is a derivatives product that enables traders to hedge against virtual asset price swings by speculating on future prices and purchasing the right to buy or sell an asset at a predetermined future price.
NYSE parent company Intercontinental Exchange (ICE) has introduced its bitcoin futures options based on its popular bitcoin futures product that is traded on its Bakkt derivatives platform. The product launched earlier this month, which is about a month before the competitor Chicago Mercantile Exchange (CME) is planned to launch its Bitcoin options based on its cash-settled bitcoin futures.