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Binance to List Options Contracts for Litecoin

Binance said user demand prompted the new listing.

Updated Sep 14, 2021, 10:34 a.m. Published Nov 24, 2020, 11:03 a.m.

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Cryptocurrency exchange Binance will offer options contracts for the world's seventh-largest cryptocurrency, litecoin.

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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.