— Binance (@binance) September 2, 2019
According to Binance, the acquisition will see JEX known as Binance JEX as it joins the Binance Ecosystem. It will focus on further building the crypto-assets derivatives market, as it provides Binance users with professional services including futures contracts, options and other derivative products
Binance will manage the JEX team and the JEX tokens run by its Foundation, introducing more utility to the JEX token.
On what will become of the JEX token, Binance revealed that
“The JEX tokens the long rum 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 commissions deductions and so on“.
JEX described itself as “the first blockchain asset transaction platform that initiated Bitcoin options trading and other crypto options trading in the world, is run by JEX Technology co., Ltd. JEX Exchange is an efficient Bitcoin futures & Crypto options trading platform, which is devoted to the innovation and development of blockchain futures and options trading model and derivatives.“
Binance had in earlier announced the commencement of its Open Blockchain Project. An initiative to develop stablecoins pegged to local currencies. It also unveiled its Lending Products which at its first phase was fully subscribed by over $15million in less than 10 minutes. Its second phase is set to commence in a few hours time.