Binance has announced the acquisition of crypto exchange JEX in a bid to boost its crypto derivatives offerings for pro traders.
Seychelles-registered JEX offers spot and derivatives (including options and futures) trading in cryptocurrencies such as bitcoin and ether.
Going forward under Binance management, the derivatives exchange will be known as Binance JEX. JEX offers its own token, also called JEX, which will continue to be guided by its existing foundation, Binance said.
Binance plans to first distribute the tokens to users through “marketing activities and community incentives” before ultimately clawing back and burning them via means including trading commissions, according to the announcement.
Deribit claims it’s becoming the first crypto futures and options exchange to provide large-volume trades of bitcoin and ether derivatives.
The move comes via a partnership with institutional messaging service Paradigm, according to a BNN Bloomberg report on Thursday.
Deribit’s CEO, John Jansen, reportedly said the new service will offer block trades with a minimum of 40 bitcoin and 800 ether for options contracts linked to those cryptocurrencies.