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Leading cryptocurrency exchange Binance has acquired JEX, a Seychelles-based crypto-asset trading platform that offers spot and derivatives trading services.
“JEX will join the Binance ecosystem as Binance JEX and focus on further building the crypto-asset derivatives market,” the exchange stated in a press release on Sept. 2.
Following the acquisition, Binance will introduce more utility to the JEX token and offer Binance users with additional professional services such as futures contracts, options, and other derivatives products.
The release also noted that in a longer-term, JEX tokens will be distributed gradually to all users through marketing activities and community incentives. However, the tokens will be subsequently retrieved and burned in different forms including trading commission deductions.
Yi He, Binance co-founder, told Finance Magnates that the solid derivatives product offerings of JEX are consistent with the product roadmaps of the exchange in the crypto-asset derivatives industry.
“We hold an open mind and welcome more partners to join the Binance ecosystem. We look forward to delivering more innovative derivative products in the future as Binance JEX,” He said.
The latest initiative comes amid the continued interest of Binance in the crypto derivatives market. Speaking to The Block, a Binance representative said that the exchange aims to address “the current common issues” afflicting the market, such as high latency, overloads, and poor risk-control mechanisms, which are reportedly some of the problems faced by BitMEX.
Aside from the acquisition, Binance has also unveiled two futures testnet platforms, named Futures A and Futures B, which will allow users to conduct a simulated trading competition. After exploring the platforms, users will be asked to vote for their favorite futures testnet and get the chance to win 10,000 BNB.
