SINGAPORE, 10 June 2019 – Sparrow, the Singapore-based options trading platform has launched its revolutionary platform which empowers institutions and individuals to trade options that are settled by smart contract. Sparrow offers a simple and secure way for traders to control risk in the volatile digital asset market and monetize their assets.
With its full-featured and highly-liquid options trading platform, Sparrow aims to bring professional trading tools to everyone. Users can trade customized European options with no counterparty risk and instantly convert over 25 trading pairs at zero cost with Sparrow’s ConvertNOW Facility.
Kenneth Yeo, CEO of Sparrow said “We understand the challenges all traders face while trading digital assets. Options used to be an instrument only professionals could use. With the launch of Sparrow, everyone can use options. We built Sparrow to make trading options simple, secure and accessible.”
In just three simple steps, users can start trading with Sparrow’s option products – TradeBOOST and TradePROTECT. Sparrow also provides high-performance trading tools and hedging solutions for professional and institutional traders through a global liquidity book, trading APIs, and a full options order book.
Sparrow Options are settled on Ethereum smart contracts and deployed onto a Proof of Authority chain called Nidus. Through a hybrid off-chain on-chain approach, traders enjoy a seamless trading experience with a responsive and updated order book, coupled with transparent and automated settlement of digital assets options.
Kenneth added, “Sparrow has managed to transform a traditionally complex and illiquid trading instrument, bringing options trading to the mass market. Sparrow Options are more liquid than OTC options and more customizable than standardized contracts, enabling traders to enjoy the best of both worlds.”
To serve a diverse ecosystem, the Sparrow Dollar (SP$) is used as the settlement currency of the Sparrow platform. The Sparrow Dollar aggregates demand across various tokens, enabling greater liquidity for each option pair, thus allowing traders to settle contracts more easily with a commonly denominated settlement currency. Sparrow Dollars can be obtained from the ConvertNOW Facility on the Sparrow platform.
Sparrow charges a transaction fee of 0.1 percent of the contract notional value payable in Bitcoin, Ethereum or Sparrow Tokens (SPO). Users can enjoy a 50 percent discount on transaction fees if they pay using Sparrow Tokens (SPO).
We care deeply about the security of our users and their assets. We have partnered with BitGo, one of the most reputable and trusted custodians in the digital asset space to ensure that our users’ assets are kept secure.
“Sparrow would like to thank our valued partners and communities for their unwavering support. We look forward to introducing more innovative products and services to the digital assets market that enable everyone to trade with confidence.”
Sparrow is the leading options trading platform, providing the simplest way to control risk and monetize your digital assets. Trade with confidence in the world’s best options trading platform powered by smart contracts.
Headquartered in Singapore, Sparrow offers fully-customizable options settled by smart contract in an intuitive and easy-to-use trading interface. Professional traders will also be able to use Sparrow APIs for maximum performance. Sparrow aims to serve the needs of all traders by providing a wide range of industry-leading trading tools.
Sparrow is backed by renowned organizations such as: Signum Capital, Hyperchain Capital, Kyber Network, LuneX Ventures, Arrington XRP Capital, Digital Currency Holdings, Du Capital, The Yozma Group, QCP Capital, 256 Ventures and Jubilee Capital who firmly believe in the project and have committed to use Sparrow as their preferred hedging partner.
Join us on Telegram: https://t.me/SparrowExchange
Sparrow welcomes interview opportunities – feel free to drop us an email if you’re interested!
This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.