Binance acquires JEX crypto trading platform, JEX token price multiplies
It takes more than it used to, but there are still some ways to drive enthusiasm for tokens.
Binance has acquired JEX, a little-known crypto trading platform that offers crypto futures and other derivatives.
It shall henceforth be known as Binance JEX.
"JEX has a seasoned developer team with proven experience in cryptoasset product development," explained Binance co-founder Yi He. "JEX has developed solid derivatives product offerings including perpetual contracts and options, which are aligned with Binance's product roadmaps in the cryptoasset derivatives market."
Binance will now be managing the JEX team as well as the JEX token.
For the token, the goal is now to distribute it to various users through a series of marketing activities and incentives as well as to eventually re-acquire and burn it in various ways, such as through trading fee discounts. On the whole, the goal for the JEX token sounds very similar to what Binance Coin (BNB) is used for.
It may be no surprise, then, that the price of the JEX token multiplied as news broke, painting a hearty green candle today.
Even so, at the time of writing, it's running below some of its February-June prices, so from that angle, it may still appear quite the bargain.
A closer look shows that potential "insider trading" (insofar as such a thing can even technically apply to the little-regulated token market) of this news seems to have been kept to a healthy minimum, with only a mild price bump in the final hours before the news became public. That's a heck of a lot better than many other similar situations.
As for the Binance JEX platform, it will now be working on building Binance's futures, options and other crypto derivatives product offerings.
Binance futures trading is currently in a split testing phase, dubbed "Battle for Binance Futures: The Futures Are in Your Hands!" where users can try out two flavours of Binance futures trading and choose their favourite, with a total of up to 10,000 BNB (a cool quarter million dollars) being distributed among those who test both with simulated trades and then vote for their favourite.
Disclosure: The author holds BNB and BTC at the time of writing.
- Ethereum drops 13% but experts are convinced good news around the corner
- Bitcoin price on a knife-edge, as the Death Cross looms
- Bitcoin price drops 10% over the past week: Is another drop coming?
- Ethereum price dips 5% overnight: Here’s what the experts are saying
- Will Ethereum’s price rally ahead of DeFi Summer 2.0?