Bit.com Gaining Momentum Over BTC Options Market Share Since Initial Launch
Due to the strong product launch and market demand, the exchange platform has shown strong momentum in growth and increased Bit.com's market share by up to ~32% by the end of their initial launch month.
SINGAPORE, Sept. 10, 2020 /PRNewswire/ -- Bit.com, the cryptocurrency derivative exchange owned by Matrixport.com, has officially debuted in early August with Bitcoin Perpetual Swaps and shortly followed additional product offerings with the launch of Bitcoin Options trading being made available during mid-August. Due to the strong product launch and market demand, the exchange platform has shown strong momentum in growth and increased Bit.com's market share by up to ~32% by the end of their initial launch month.
Bit.com has reported that the average option daily trading volume on Bit.com since launch reaches 14 million USD and the open interest has amounted to 80 million USD, placing Bit.com as the second-largest BTC options marketplace above most incumbent derivative exchange platforms.
With Bit.com's initial month showing great progress and securing their position as one of the top derivative exchange platforms, the growth is partly fueled by Bit.com's active trader base. According to the derivative exchange, there have been around 100 institutional clients onboarded with Bit.com, ranging from market makers, cryptocurrency miners, prime brokers, proprietary trading firms, crypto-focused venture capitalists, investment funds and family offices. Many of them have been fueling the trading activity.
"The good mix of the institutional clients definitely brings good vibes and healthy dynamics to our marketplace and also creates slightly different flows compared to other existing options exchanges - from time to time there are decent arbitrage opportunities across venues. We have seen healthy retail flows coming into Bit.com as well, since we allow all existing Matrixport users to easily access Bit.com using the Matrixport login. Also, as our volume grows and people start to know us, we have observed new users registration has picked up both from institutional and retail user bases," said Daniel Yan, COO of Bit.com.
About Bit.com
Bit.com is a secure and high-performance derivative exchange launched by Matrixport, an integrated financial services firm and household name in crypto. Bit.com is incorporated in Seychelles. Established in February 2019, Matrixport was a spinoff from Bitmain Technologies, the world's largest cryptocurrency mining equipment producer, and is backed by a league of top tier investors such as Jihan Wu, John Ge, Standard Crypto, IDG Capital, Lightspeed Venture Partners, Polychain, Dragonfly Capital, and Paradigm.
Bit.com was built with institutional-grade security and risk management features to ensure a superior trading experience leveraging best-in-class liquidity.
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Bit.com Gaining Momentum Over BTC Options Market Share Since Initial Launch
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SOURCE Bit.com
