Binance is taking bigger steps to ensure its power in the crypto derivatives market. The latest announcement made by the exchange affirms that they have acquired the prominent crypto exchange JEX, which focuses on the offering of derivatives for pro traders.
The acquisition was announced this week in an official blog post:
“JEX will join the Binance ecosystem as Binance JEX and focus on further building the crypto-asset derivatives market, providing Binance users with professional services including futures contracts, options, and other derivative products”
JEX has an interesting past that worth to highlight. It was the first blockchain asset transaction platform that initiated Bitcoin options trading and other crypto options trading in the world.
JEX main objective is described as following:
“We’re dedicated to maintaining our leading market position, with various innovative futures/options/ and other derivatives as our core products. Our platform boasts the most varieties of transaction models and derivatives and is able to launch new products in orientation to the development needs of the blockchain industry”.
Binance did not specify which were the terms of the initial deal, but it did affirm that the name of the acquired exchange will be changed to BINANCE JEX. The corporate decision is mainly driven by Binance’s ultimate goal, which is being the leading provider of crypto derivatives.
JEX technology is also a key reason that attracted the Binance’s Board. In its website, Binance highlighted some of the key features such as GSLB, Distributed server cluster, distributed storage, high-speed memory trading engine with alternation of several machines, cold e-wallet and hot e-wallet with the offline private key. “JEX Exchange can provide our users with safe, steady and reliable Bitcoin futures transaction, Bitcoin options transactions”, according to Binance.