Kraken has introduced USD‑settled options for bitcoin and ether on its Kraken Pro platform, initially available via request‑for‑quote to eligible international clients outside Europe, North America and Australia, with a European rollout planned later. The launch follows growing institutional interest in crypto derivatives and competition among exchanges, as derivatives dominate crypto trading volume while options remain a small segment dominated by venues such as Deribit, CME Group and Binance. Kraken's product is linear, USD‑settled and integrates with existing spot and futures accounts, offering portfolio margin by default and collateral in over 30 currencies, and includes educational tools to help traders understand calls, puts and multi‑leg strategies. Kraken's director of derivatives, Alexia Theodorou, said the firm views options as an underpenetrated market compared with traditional finance and that design, not demand, has limited adoption. The exchange plans to add a public order book, expand geographic coverage and support additional assets, with Europe as the next focus, leveraging existing regulatory permissions. The move reflects Kraken's broader strategy to evolve from a crypto exchange into a full‑service financial platform, though the impact on market size remains to be seen.