Binance buys crypto exchange to bolster development of derivatives platform
“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,” Binance explained.
Binance co-founder Yi He commented on the deal, praising JEX’s team of developers.
“EX has developed solid derivatives product offerings including perpetual contracts and options, which are aligned with Binance’s product roadmaps in the cryptoasset derivatives market,” Yi He said, as quoted by industry website Coindesk.
The news of the acquisition followed Binance’s announcement that the company was launching two test platforms for crypto futures trading. The idea behind the dual launch is to let users vote on which version will become the official platform.
Binance’s own crypto token, the Binance Coin (BNB), has seen strong gains following the announcements. The coin finished the Monday session at $22.77, up from its opening price of $21.57.
In today’s trading, the BNB price stood at $22.57, as of 13:33 BST. The coin has gained 3.1% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at just over $3.5 billion.
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