Popular cryptocurrency exchange, Binance, has announced the launch of its European-style Bitcoin options contract, a move that puts the exchange in direct competition against Deribit. Deribit is one of the leading exchanges offering crypto options trading.

The launch is coming after a successful testnet that happened back in November. According to its press release, Binance noted that the new options contract will be priced and settled in USDT. Meanwhile, the company also recognized the rising demand for bitcoin options as the main driver behind its latest release. The bitcoin derivatives market crossed the $1 billion mark for the first time in early December.

Binance CEO Changpeng Zhao commenting on the launch said:

The crypto industry’s growth is in good part attributable to a combination of factors, including wider public education and institutional interest, innovation in DeFi protocols and smart contracts, and development of a robust derivatives market.

Back in April, Binance rolled out American-style bitcoin options contracts. The primary difference between the two styles is that while American options can be exercised at any time before the expiration of the contract, European-style options can only be exercised at expiry.