Binance acquires cryptocurrency trading platform – The Block Crypto

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Binance acquires cryptocurrency trading platform – The Block Crypto

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Binance is finally rolling out its long-awaited derivatives arm. 

The world’s largest cryptocurrency exchange announced on Monday that it has acquired JEX, a cryptocurrency trading platform that offering both spot and derivatives trading services. The acquired firm will be rebranded as Binance JEX and offers derivatives products to Binance users, including futures, options, and the much-rumored perpetual contracts, according to a company statement.  The exchange will also offer perpetual futures based on the BTC/USDT pair with up to 20x leverage.

In February, The Block first reported that Binance would enter the derivatives market. More details about the derivatives platform were revealed to The Block in May, including that the exchange was looking to offer perpetual swaps to rival BitMEX and building a matching machine to power the platform. In July, Binance also announced the official launch of its margin trading services. 

A source told The Block that the derivative platform will begin testing on September 3 and will be launched soon. 

Meanwhile, Binance also launched two platforms for futures trading for user testing. Participating traders for the two testnet platforms can vote for their favorite platform, and get a chance to win free BNB – up to 10,000 tokens. 

JEX offers spot trading support for 21 assets, including bitcoin, ether, EOS, and BNB. According to data from Coingecko, the exchange’s normalized 24-hour trading volume is $379k. The price of the JEX token is up over 40% on the news of the acquisition. 

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