Crypto exchange giant Binance has acquired JEX, a crypto exchange for futures and derivative trading, it announced in a blog post on Monday. JEX is known for its leverage trading, offering up to 100x on trades, and competes alongside rival bitcoin futures exchange Deribit and BitMEX.
As part of its partnership with Binance, the Seychelles-based company will be rebranded as Binance JEX. Binance JEX will continue to offer the same services, including spot trading for cryptocurrencies including EOS, Ethereum, and Bitcoin.
Binance will assume control over the JEX tokens that the JEX Foundation holds, promising to gradually distribute many of the tokens to users of the exchange. It will also buy back many of the tokens and burn them, hoping to influence the tokens price, as it does with Binance Coin.
Binance has also been expanding its own trading platform, adding both margin trading and leverage trading in recent months. It has also been improving performance on the exchange, tweeting today that its order book now updates 10 times faster.
The exchange recently created a blind crypto futures exchange competition—think blind soda taste challenge—asking its users to rate Platform A and Platform B. Binance JEX will be one of the two platforms, going up against an internally developed futures exchange. The outcome of the competition will help the platform to decide which to focus its efforts on.