Binance Acquires Bitcoin Options and Futures Derivatives Exchange JEX
- JEX becomes Binance JEX with the acquisition
- EOS/USDT is the most active trading pair on the exchange followed by BCH/USDT, HT/USDT, and XRP/USDT
- The exchange will manage JEX tokens now and burn them in future
The world’s leading cryptocurrency exchange, Binance has acquired a crypto-asset trading platform JEX, announced the company on Monday.
The Seychelles-based platform, JEX was established in 2018 and offers spot and derivatives trading services. In the past 24 hours, it registered the trading volume of $124,450,688, as per CoinGecko.
It offers trading on 23 coins and 26 trading pairs, with EOS/USDT being the most active trading pair on the exchange. BCH/USDT, HT/USDT, and XRP/USDT are other popular pairs.
With 94.2% share USDT has the highest volume while BTC accounts for a mere 5.8%.
Now JEX is joining the Binance ecosystem as Binance JEX and would focus on building the crypto asset derivatives market and provide Binance users with professional services including options, futures contracts, and other derivatives contacts.
With this acquisition, Binance will manage JEX tokens and further introduce more utility to the JEX token.
The official announcement further stated that these JEX tokens will be gradually distributed to all the users via community incentives and marketing activities.
Just like with Binance’s native token BNB, JEX tokens will also be retrieved and burned.
Recently, Binance CEO, Changpeng Zhao announced that the platform will be launching futures trading this month.
In July, CZ also revealed that the company plans to launch a futures trading platform with initial support to BTC/USDT contacts at a leverage of up to 20x.