Popular cryptocurrency exchange OKEx has announced it’s set to launch bitcoin options trading later this month on December 27, with a simulation set to begin on December 12.

As detailed in a press release shared with CryptoGlobe, the move will see OKEx become the first cryptocurrency exchange to offer crypto-to-crypto trading pairs, spot, futures, perpetual swaps, and options trading in a single platform.

OKEx will offer its traders both buy and write (sell) options which “enhances trade flexibility and market transparency with trade prices that closely reflect market trends.” Other bitcoin options platforms so far only offered buy options. The exchange’s release notes it’ll use a rigorous anti-manipulation system “designed to prevent close price manipulation.”

OKEx’s CEO, Jay Hao, said:

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. We aim to provide the broadest range of trading and risk management tools to all our clients.

Hao noted options are a unique instrument that lets traders manage, price, and hedge the volatility of cryptoasset with a combination of contracts. Options are a derivative that gives traders an opportunity to buy or sell an underlying asset depending on the contract they hold after paying a premium.

To access OKEx’s options trading users will have to go through a know-your-customer (KYC) verification process, and pass a suitability test to show they understand what they’ll be trading.

As CryptoGlobe recently covered the cryptocurrency exchange is also set to soon launch USDT-margined perpetual swap trading, on December 16. The USDT-margined perpetual swap delivers several underlying cryptocurrencies to speculate on including BTC, EOS, ETC, ETH, LTC, BCH, BSV, TRX, and XRP. Traders will be able to use a massive range of leverage, from 0.01-100x.

Derivatives exchange giant CME Group is also looking to launch an options product that’s tied to its bitcoin futures offering. Bakkt, the Intercontinental Exchange’s crypto venture, is set to soon launch options contracts as well. Deribit and LedgerX already offer options trading.

Featured image via Unsplash.