Binance, the world’s largest exchange by trading volume, has acquired JEX, a crypto-asset trading platform that offers spot and derivatives trading services.
The exchange announced the acquisition on Sept. 2, saying, “JEX will join the Binance ecosystem as Binance JEX and focus on further building the crypto-asset derivatives market.”
According to the announcement, Binance will introduce more utility to the JEX token and further provide Binance users with professional services including futures contracts, options and other derivative products.
Binance shows growing interest in the cryptocurrency derivatives market
Binance’s acquisition of JEX comes amidst continued interest of the exchange in the crypto derivatives market.
Binance co-founder Yi He, reportedly said that JEX developed solid derivatives product offerings, which are aligned with Binance’s product roadmaps in the crypto-asset derivatives market. He added:
“We hold an open mind and welcome more partners to join the Binance ecosystem. We look forward to delivering more innovative derivative products in the future as Binance JEX.”
On Aug. 28, CryptoX reported that Binance CEO Changpeng Zhao — better known by his industry moniker “CZ” — announced that Binance was planning to launch futures trading this month. Just two days earlier, Binance had announced the launch of its first crypto lending product, allowing users to earn interest from Binance Coin (BNB), Tether (USDT) and Ethereum Classic (ETC).
