- Get link
- Other Apps
- Get link
- Other Apps
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.


Comments
Post a comment