Exchange platform Binance has recently procured JEX. The company’s latest acquisition was announced on September 2.
Binance is regarded as the largest exchange platform in the world today based on its trading volume. Meanwhile, the Seychelles-based JEX is a crypto-asset trade platform known for providing derivatives and spot trading services.
In its announcement, Binance states that upon joining the company’s ecosystem, JEX will now be known as Binance JEX. The platform will reportedly concentrate on further developing the crypto-asset derivatives niche.
Binance will reportedly also enhance the JEX token’s applicability and give the platform’s users more professional services, like options, futures contracts, and other derivative products.
The addition of JEX to the Binance system arrives amidst the platform’s open interest in the crypto derivatives niche.
Yi He on the Topic
Yi He, one of Binance’s founders, allegedly stated that the derivatives product offers that JEX developed lines up with the exchange’s product direction with regards to the crypto derivatives market.
He also said that the company always has an open mind and is willing to welcome more partners to their ecosystem. He claims that they’re looking forward to introducing more cutting-edge derivative products as Binance JEX.
Binance’s latest move is in tune to what CEO Changpeng Zhao, or CZ, had announced on August 28 – that the company was planning to roll-out futures trading in September.
Two days before that announcement, the exchange platform launched its first crypto lending product. The item would reportedly allow users to generate interest from Binance Coin (BNB), Ethereum Classic (ETC), and Tether (USDT).