The world’s most coveted cryptocurrency exchange announced that it has acquired the crypto asset trading platform, JEX. Binance tweeted this announcement along with the link to the official notice.
— Binance (@binance) September 2, 2019
The new joint firm will be acknowledged as Binance JEX and will operate with an aim to deliver derivatives for cryptocurrencies like options, futures contracts, and some more. The acquisition points to the crypto firm’s latest progress to become an all in one solution to the crypto chores.
Through time, Binance will enable its users to buy and sell on both its inhouse platform as well as the recently acquired JEX platform. This would be followed by a clear distinction to the one that holds more potential.
The participants that are using the two platforms will be able to give their vote of confidence and stand a chance to bag 10,000 BNB tokens. After a clear winner between the two, Binance will continue its pre-structured strategy to work with it. After the acquisition, Binance is also obliged to manage JEX and its tokens bringing more utility to itself.
We think open competition is a great way to test out the products’ usability. Through the competition, we hope to fully review the two products in terms of market feedback, scalability, and liquidation model design. It’ll help with the ultimate decision making,
a Binance spokesperson told The Block.
Also, over the past few months, Binance had been introducing some more interesting releases as products. In July, it equipped margin trading to let its users leverage various virtual currency trading pairs.
Then just a while ago, Binance launched the big Lending feature. It enables the users to give their crypto wealth that is Binance coins, Tether, and Ethereum Classic as a loan at a specific preset time at an annual rate of interest.
“JEX has a seasoned developer team with proven experience in crypto-asset product development,” said Binance co-founder Yi He.
He also added that,
JEX has developed solid derivatives product offerings, including perpetual contracts and options, which are aligned with Binance’s product roadmaps [sic] in the crypto asset derivatives market. 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.
Also, it can be seen that Binance’s big move of acquiring JEX comes while the world is growing its inclination towards the derivatives market of cryptocurrencies. The exchange seems to have all eyes glued with its consistent inventions of futures trading in its platform through recent times. The new products Binance says will be on the market by September.