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Binance to List Options Contracts for Litecoin
Binance said user demand prompted the new listing.
Cryptocurrency exchange Binance will offer options contracts for the world's seventh-largest cryptocurrency, litecoin.
STORY CONTINUES BELOW
- According to a blog post on Tuesday, the litecoin contracts will go live on Wednesday at 07:00 UTC.
- A Binance representative told CoinDesk via email the latest listing comes in response to "user demand," adding that options are an "important hedging tool, especially during a market rally."
- Options are a type of financial instrument enabling traders to buy or sell an underlying asset at a predetermined price either before or on a particular date.
- The expiry dates on Binance's contracts range from 10 minutes through to 24 hours, shorter than traditional options. They can be executed at any time before the expiry date.
- Litecoin is Binance's sixth options contract listing.
- The global average spot price for litecoin is just below $90 at press time, up 1.56% over 24 hours, according to the CoinDesk 20.
See also: Binance Discontinues UK Pound Stablecoin Calling It Just an ‘Experiment’
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
