Bitcoin Exchange Giant Binance Acquires Crypto Derivatives Trading Platform
Malta-based Binance, the world’s leading cryptocurrency exchange, today announced the acquisition of JEX, a 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 derivatives market, providing Binance users with professional services including futures contracts, options and other derivatives.
Says Yi He, Binance co-founder,
“JEX has developed solid derivatives product offerings including perpetual contracts and options, which are aligned with Binance’s product roadmaps in the crypto-asset derivatives market.”
JEX EXchange is billed as the world’s first blockchain asset transaction platform that initiated Bitcoin options trading.
Run by JEX Technology Co., Ltd., the exchange offers spot trading support for 21 assets, including Bitcoin, Ether, EOS and BNB, and uses advanced technologies such as high-speed memory trading engines that alternate with several machines, cold e-wallets and hot e-wallets with offline private keys.
According to the announcement,
“Binance will manage the JEX team and the JEX tokens run by its Foundation, introducing more utility to the JEX token. In a longer term, JEX tokens will be gradually distributed to all users via marketing activities and community incentives; subsequently, the tokens will be gradually retrieved and burned in various forms including trading commission deductions and so on.”
Since launching in 2017, Binance has grown rapidly, building up an ecosystem for crypto traders and investors around the world. It has launched initiatives for developers, crypto philanthropy, blockchain education, initial exchange offerings and decentralized applications and infrastructure. The brand has rolled out exchanges in a number of jurisdictions including Australia, Jersey, Liechtenstein, Singapore and Uganda, and launched margin trading in July.
The company says it will expand its derivatives products in the future.