Cryptocurrency exchange Binance told Finance Magnates on Monday that it has acquired JEX – a platform for trading digital assets.
The company, which appears to be Chinese, specializes in providing its customers with cryptocurrency derivatives products, including options and futures contracts.
Now that Binance has acquired it, JEX will be rebranded as Binance JEX. In a statement, Binance said that the acquisition would help it to provide a more “professional service” to its clients.
“JEX has a seasoned developer team with proven experience in cryptoasset product development,” said Binance co-founder Yi He.
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“JEX has developed solid derivatives product offerings including perpetual contracts and options, which are aligned with Binance’s product roadmaps [sic] in the cryptoasset derivatives market.”
“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.”
The derivatives race
Binance’s acquisition comes amidst growing interest in the cryptocurrency derivatives market.
The exchange has been at the forefront of this, announcing the addition of futures trading to its platform earlier this year.
Binance said last week that the new products would be available in September and, on Monday, the firm launched two new trading platforms for testing by the public.