Derivatives account for the vast majority of crypto trading volumes, but options remain a relatively small corner of the market, dominated by a handful of established venues including Deribit, CME Group and Binance. New entrants are increasingly betting that broader adoption of options will follow the institutionalization of digital assets.

The move is the latest step in Kraken’s transformation from a crypto exchange into a broader financial platform offering trading, payments and other digital asset services.

Growing the market, not just market share

Rather than focusing solely on taking market share from incumbent venues, Theodorou believes the larger opportunity is expanding the addressable market by making options easier to use.

“The…