- Crypto trade Binance not too long ago introduced the brand new addition to its choices contracts.
- The trade revealed plans so as to add Litecoin (LTC) choices, allegedly as a consequence of giant demand.
- LTC contracts, as different choices contracts on Binance, can have expiry dates starting from 10 minutes to 1 day.
Binance cryptocurrency exchange not too long ago announced plans to begin providing choices contracts for Litecoin (LTC). The trade revealed this in yesterday’s weblog submit, noting that they may go dwell at this time, Wednesday, November twenty fifth, at 07:00 UTC.
Litecoin choices arriving on Binance
Binance is an trade identified for its huge ecosystem, giant userbase, in addition to an important number of supported cryptocurrencies and different belongings accessible for buying and selling.
Nevertheless, its customers are always requesting extra to be added, and so Binance acknowledged that the largest motive for including Litecoin choices is its response to consumer demand.
In fact, the trade additionally famous that choices are an vital hedging software, which is especially helpful when market rallies are involved. These are monetary devices that permit merchants to buy or promote underlying belongings at a predetermined value, and to do it earlier than or on a particular date.
Binance’s contracts have expiry dates that may go from 10 minutes to 24 hours, which is considerably shorter than what conventional choices can provide. Nevertheless, they’ll nonetheless be executed at any time earlier than the time and date of the contract’s expiration.
Now, in the case of Litecoin choices, that is the trade’s sixth choices contract itemizing. The trade’s announcement additionally famous that the brand new listings will likely be accessible on the newest model of Binance’s cellular app.
The coin’s value presently sits at $88.12 — 2.82% decrease than 24 hours in the past. Nevertheless, on a weekly foundation, Litecoin nonetheless sees a constructive efficiency, because it grew 20.64% within the final 7 days. The coin is presently the seventh largest cryptocurrency by market cap.