Deribit, a crypto derivatives exchanges, today announced the launch of a fiat to cryptocurrency on-ramp in collaboration with Legend Trading, a US registered crypto trading company. Through this integration, traders can now purchase digital assets directly on the Deribit exchange in an easy and low cost method. At launch, Bitcoin (BTC), Ethereum (ETH), and USDC will be available for purchase through this on-ramp. This new fiat gateway creates truly global accessibility for Deribit users, with the platform accommodating transactions in 41 currencies.
Luuk Strijers, Deribit Chief Commercial Officer said, “We are excited to unveil the integration of the fiat-to-crypto payment service. It represents a monumental achievement in our ongoing mission to make cryptocurrency derivatives trading more accessible and provide a means for traders to control all stages of the investment process. An addition of a fiat to crypto on-ramp underscores Deribit’s unwavering commitment to leading the way in financial technology by offering solutions that empower our traders to hedge investments and mitigate risk with ease and confidence.”
Coming six months after the launch of the spot trading exchange, this integration is the latest step for Deribit to build out its offering and create a one-stop-shop for digital asset trading. Deribit has seen an increase in activity over the past year, with overall trade volumes in USD increasing by 24.5% and BTC options rising by 47% in Q2 and Q3 of 2023 compared to the previous six months. This integration unlocks the global growth opportunities, removing the necessity to go to other exchanges in order to buy digital assets in order to trade on the Deribit platform. This gateway provides an easier on-ramp for new retail traders to enter cryptocurrency derivatives trading as well as improves cost for institutional trading by removing the middleman.
Hao Chen, Legend Trading CEO commented: “Legend Trading is delighted to collaborate with Deribit, one of the trailblazers in global exchanges, and we’re eager to enhance its client offerings. We recognize the importance of a smooth fiat-crypto payment gateway in shaping the future of the blockchain and crypto industry. Our ambition is to usher a billion users into the revolutionary domain of cryptocurrency — the forthcoming paradigm in finance. Legend Pay, with its user-centric approach, bridges the divide between traditional banking and the digital currency arena, aiming to serve everyone from individual investors to large institutional stakeholders.”
Deribit users may purchase BTC, ETH, and USDC using one of the available methods which includes credit card payments or the option to make a direct bank deposit from user’s bank account. Available currencies for international bank deposits include: US Dollar (USD), Euro (EUR), British Pound Sterling (GBP), Swiss Franc (CHF), Canadian Dollar (CAD), Australian Dollar (AUD), Japanese Yen (JPY), as well as an additional 27 currencies are available for on-ramping via credit card payments.