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

• 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.

See also: Binance Discontinues UK Pound Stablecoin Calling It Just an ‘Experiment’