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1 month ago

Binance acquires JEX a Cryptocurrency exchange to boost derivatives offering.

In a bid to boost its crypto derivatives offerings for pro traders, Binance has announced the acquisition of crypto exchange JEX  

Spot and derivatives are being offered by Seychelles-registered JEX also included are options and futures trading in cryptocurrencies such as bitcoin and ether.

Furthermore under Binance management, the derivatives exchange will be referred to as Binance JEX. Which offers its own token that is also called JEX, will continue to be guided by its existing foundation.

According to the announcement however, through “marketing activities and community incentives” Binance plans to first distribute the tokens to users before ultimately going back and burning them via means which  includes trading commissions. 

Anyway Binance did not disclose the terms of the acquisition deal.

JEX has developed solid derivatives product offerings including perpetual contracts and options, which goes well  with Binance’s product roadmaps in the cryptoasset derivatives market, this was achievable as a result if it’s seasoned developer team with proven experience with cryptocurrency asset product development and management ” said  Yi He, Binance co-founder 

Binance announced just yesterday,  that it had made two testnets for its planned futures platform available for user testing, this comes with competitions to encourage user participation before the  launch goes live.
Credits:  Daniel Palmer

Florence Anusionwu

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