BIT platform adds XRP options to listing

BIT added XRP-based cash-settled options to its list of tradable instruments. The move comes amid increased market interest in the asset following partial victory for Ripple over the SEC in court.

In July 2023, the United States District Court for the Southern District of New York came to the conclusion that Ripple’s programmatic sales and other distributions of XRP tokens do not constitute an offer and sale of investment contracts.

The new instrument from BIT is denominated in US dollars.

The token has become the sixth to be offered on the platform as a base asset, alongside Bitcoin, Ethereum, Cardano (ADA), Toncoin (TON) and Milady (LADYS).

BIT believes that XRP options will help manage portfolio risk and enable speculation.

The institutional liquidity provider Orbit Markets will provide initial liquidity for the new contract.

The court’s ruling in the SEC v. Ripple case became the basis for major crypto exchanges resume trading XRP for US users. XRP pairs appeared on Coinbase, Gemini, Binance, Kraken, Crypto.com, Bitstamp and others.

Over the 16 weeks that followed the ruling, inflows into XRP-products surged.

Earlier in August 2023, it emerged that the SEC to challenge partial defeat in ongoing litigation with Ripple.

Subsequently the fintech company requested the withdrawal of the Commission’s motion for an interlocutory appeal, citing a lack of legal grounds for it.