A Singapore based options trading platform, Sparrow has released its crypto-based platform. The new crypto platform enables institutions and individuals to trade option; they are settled by a smart contract.
The crypto platform believes that valid and transparent activities provided by the smart contracts might assist in reducing the risks while dealing with the crypto asset market, which remains fluctuating.
Sparrow option trading platform receives backing from companies such as LuneX Ventures- a blockchain and crypto loyal VC fund established in collaboration with Golden Gate Ventures, QCP Capital, and Signum Capital.
Sparrow’s crypto trading platform is full of functionality. With this revolutionary platform, Sparrow intends to get professional based trading tools to every person. Users can trade personalized Bitcoin and Ethereum based European options without any risks, and users can covert more than 25 trading pairs within a fraction of time with no cost by using the ConvertNOW Facility feature of Sparrow.
Users can use three steps to start trading with the option product of Sparrow, namely TradeBOOST and TradePROTECT. Apart from this, there are other powerful operating tools and hedging solutions offered for the institution and professional traders via trading APIs, full options order book, and a global liquidity book.
Sparrow CEO, Kenneth Yeo stated over the development,
We understand the challenges all traders face while trading digital assets. Options used to be an instrument only professional could use. With the launch of Sparrow, everyone can use options. We built Sparrow to make trading options simple, secure and accessible.
Options of Sparrow established on Ethereum based self-executing contracts and are deployed over a Proof of Authority line named Nidus. Due to the use of mixed off the chain and on chain procedure, it enables traders to benefit a non-interrupted buying and selling practice with an advanced and responsive order book. The order book is connected with open and self-regulating crypto asset settlement options.
Kenneth further said Sparrow has tried to change complicated and illiquid buying and selling techniques by getting trading options to the huge market. The options provided by Sparrow are much better to the options provided by OTC in liquidity terms and greatly user-defined than standard contracts, allowing investors to benefit the finest of everything.
In order to serve various ecosystems, Sparrow Dollar (SP$) works as payment based currency over the crypto platform of Sparrow. The Sparrow dollars can be received through the feature ConvertNOW Facility offered by the Sparrow platform.
If the user is making use of Sparrow Tokens (SPO) then he can obtain a 50 percent discount on transaction charges. Currently, Sparrow has imposed 0.1 percent transaction charges of the contract value, which can be paid through Bitcoin, Sparrow Tokens, and Ethereum.
Sparrow is concerned more about the user’s safety and also their crypto assets. Sparrow has collaborated with BitGo, the leading and reliable crypto asset financial service provider for the crypto industry in order to guarantee that the assets of user’s remain secured and protected.
Sparrow further likes to thank all the valuable associates and groups for offering steadfast support. We will work ahead to develop more innovative based solutions and facilities for the crypto asset market so that it allows each and every person to buy and sell digital assets with positive-ness.