Malta-based cryptocurrency exchange OKEx announced that it will launch crypto options trading on Dec. 27.

In a press release on Dec. 9, the exchange said that the addition of options makes OKEx the “first crypto exchange to offer C2C, spot, futures, perpetual swap, and options trading under the same roof.” The options will allow the platform’s users to buy or sell an underlying asset after paying a premium. While real options trading will begin on Dec. 27, simulated trading is scheduled to start in just three days, on Dec. 12.

To implement options, the firm reportedly upgraded its entire system and infrastructure, including the addition of an anti-price manipulation system.

The option price is determined in real-time by employing the Black-Scholes pricing model, which considers volatility, option type, underlying asset price, time, strike price and risk-free rate.

OKEx CEO Jay Hao commented: “Options is a unique instrument that enable traders to manage, price and hedge the volatility of crypto assets with a combination of option contracts. It also gives a trader the ability to take advantage of more than just market direction. As the crypto market evolves, we aim to build a complete derivatives product suite, delivering solutions to optimize users’ trading strategies.”

Users wanting to access OKEx’s options trading service must first undergo Know Your Customer procedures and pass a suitability test proving that they understand the products they are buying.

The competition in the cryptocurrency derivatives space is seeing an ever-growing number of products being announced and released. In one of the latest examples, the Chicago Mercantile Exchange Group announced that it expects to launch options on its Bitcoin futures on Jan. 13, 2020.