Binance has declared it acquired JEX cryptocurrency trading platform, and therefore is responsible for the management of JEX token, a native cryptocurrency managed by JEX Foundation.
In a release received by Today’s Gazette, the cryptocurrency trading platform said JEX crypto exchange is to be immediately referred to as Binance JEX. The exchange offers cryptocurrency spot and derivatives trading services before acquisition.
Now that the Republic Of Seychelles-registered exchange has been acquired, Binance says it will use the acquisition to concentrate on expanding the cryptoasset derivatives market, while also offering users with up-to-the-minute services that are not limited to futures derivatives, options, and contracts products.
While Binance did not disclose the acquisition amount, the exchange only said it will begin to manage JEX tokens, JEX team and will add more utility to the JEX ecosystem which is now part of Binance.
The release added that the JEX tokens are to be distributed to all users as community incentives and part of marketing activities.
Afterward, Binance will recollect the tokens and burn them through various forms that includes trading commission charges among others.
JEX also acknowledged the acquisition, calling it a strategic partnership. The two exchange, according to JEX, will together test options/futures transaction system on 3rd September 2019.
JEX exchange in addition, said it is launching a close collaboration with Binance soon, to be able to offer its users unmatched innovative trading products.
July 2018, Binance announcement it acquired Trust Wallet, the first acquisition by the largest crypto exchange. The exchange did not also disclose the acquisition cost.
The wallet, aside being decentralised, supports more than twenty thousand Ethereum-based tokens that includes ERC721, ERC223 and ERC20.
First Blockchain Platform to Initiate Bitcoinand Altcoins Options Trading – JEX Exchange
Backed by JEX Technology co., Ltd, JEX exchange boasts as the world’s first crypto asset transaction platform to offers both Bitcoin and altcoin options trading.
With the aim of providing a reliable trading platform to users, JEX exchange shows much dedication to the development of blockchain futures and option trading.
JEX technology combined Distributed server cluster, high-speed memory trading engine and distributed storage, alternated by machines like hot e-wallet and cold e-wallet in satisfying its customers.
