Crypto Exchange JEX Acquired by Binance

Binance has recently announced its acquisition of the crypto exchange JEX, in order to boost its crypto derivatives offerings. However, no terms and conditions of the acquisition deal have been disclosed. JEX provides spot and derivatives trading in cryptocurrencies like bitcoin, and has its own token, also called JEX.

Binance intends to distribute these tokens initially through marketing and providing community incentives. Then it projects that it will claw back and burn the tokens through means like trading commission.

Yi He, the cofounder of Binance, declared that the seasoned developer team of JEX has developed suitable derivatives product offering in the past that are aligned with the product roadmap of Binance in the crypto asset derivatives market.

An Expanding Empire

Binance is expanding so rapidly that it is perhaps the most invested company in the blockchain space today. Just a few weeks ago, the company announced plans to launch a stablecoins. Apart from that, it unveiled to the public in that 2019 Q1, the BTCB, a token tied to Bitcoin.

As an institutional player, the company operates Binance Uganda, an African-focused OTC player in the crypto scene. It also operates Binance Jersey, which enables it to attract players in tax havens. The company has also mooted a decentralized exchange, which is already operational. Same goes for the leverage trading window, it has introduced in recent weeks.

Binance, in no doubt, is showing more than ever before that it has a commitment to the unfolding world of cryptocurrencies and blockchain. Having blazed the trail in crashing operational charges for exchange transactions, it is continuously opening up in new grounds to drive crypto adoption.

IEOs and a Legacy

To date, Binance continues to support Initial Exchange Offerings, as opposed to ICOs, which tanked in the market crash of 2018. Many blockchain projects are headed the IEO route as a result of the robust support that CZ Zhao, the Binance founder and his team have provided to budding talents in the crypto scene.

What Next?

The expanding world of Binance has more to offer in days to come. To what extent it will succeed might not be readily determinable, but so far, if Binance has made CZ a billionaire, it is safe to say, the crypto goldmine might just be enough to go around.