03 September, 2019
The world's largest cryptocurrency exchange, Binance, announced the acquisition of a little-known JEX platform focused on trading derivatives of digital currency. In parallel, the exchange opened a public test of two platforms for trading bitcoin futures. These initiatives are part of Binance’s strategy of capturing the crypto derivatives market and crowding out its competitors - BitMEX and Deribit operators.
At first, Binance announced testing of two Futures A and Futures B platforms developed by its team. Users must determine by their own vote which platform is more convenient for working in the futures market.
As the company stated, the participants will get 10,000 BNB ($226,000) for winning simulated trading competition. Also, users who vote for the winning platform will receive halved payment costs for one month when working on this site. Testing will last during the period of September 3-8. Test participants will receive $100,000 of conditional deposit and will be ranked in line with the the results of the tests covering the amount that was saved.
Just a few hours after the announcement of testing futures platforms, Binance also unveiled that it had acquired JEX, a cryptocurrency platform offering derivatives trading services. The exchange will be called Binance JEX and will focus on providing Binance customers with derivative products, including futures, options, and perpetual contracts.
"In a longer term, JEX tokens will be gradually distributed to all users via marketing activities and community incentives; subsequently, the tokens will be gradually retrieved and burned in various forms including trading commission deductions and so on," reads the press release..
The new derivatives trading platform will offer perpetual futures based on the BTC-USDT pair.