Deribit claims it's becoming the first crypto futures and options exchange to provide large-volume trades of bitcoin and ether derivatives.

The move comes via a partnership with institutional messaging service Paradigm, according to a BNN Bloomberg report on Thursday.

Deribit's CEO, John Jansen, reportedly said the new service will offer block trades with a minimum of 40 bitcoin and 800 ether for options contracts linked to those cryptocurrencies.

Ten top crypto trading firms have already signed up to use the service, with Paradigm founder Anand Gomes naming QCP Capital in the report.

According to its website, Paradigm offers tools allowing over-the-counter traders to automate price negotiation and settlement. Using Paradigm's messaging service, parties can set up the options trades, which are then then settled and cleared at Deribit. Commonly, traders use Telegram to carry out such negotiations.

Amsterdam-based Deribit is not regulated in the Netherlands, since local regulation defines derivatives as cash-settled contracts, BNN Bloomberg says. However, the exchange has the safety net of an insurance fund, should traders default on payments due to issues like bankruptcy.

Back in March, Galaxy Capital-backed institutional trading firm Caspian launched trading in crypto derivatives through an integration with Deribit's platform.

Trading chart image via Shutterstock