Coinfomania: Where blockchain and cryptos live.

Binance is Seeking Crypto Derivatives Dominance With New Exchange Acquisition

Leading cryptocurrency exchange, Binance has continued its seemingly unstoppable journey to become the industry’s largest crypto service provider. Today, Binance announced that it has acquired JEX, a crypto platform that offers spot and derivatives trading for crypto assets.

The new acquisition according to Binance will allow the company to build further products for the crypto-asset derivatives market while also providing other suites of professional trading services.

As part of the deal too, Binance will not use its Binance Coin (BNB) as the native currency for the new platform but will allow the platform to run on JEX, the native token created by the acquired startup.

Binance Diversifies into Crypto Derivatives

To be clear, recent moves by Binance suggests that the exchange is gradually diversifying into offering crypto derivatives products, of course, after it has gained a large share of the spot trading market.

For instance, the latest acquisition of JEX comes exactly two months after Binance unveiled its crypto futures trading platform. In a similar manner, Coinfomania reported earlier today that the exchange launched a new product to rival the just launched Futures platform.

Binance Coin (BNB) Resurges 

As one would expect, the positive news around Binance has led to a reversal of fortunes for its native cryptocurrency, BNB which has recorded a near 5% increase on the day.

Derivatives

The cryptocurrency was exchanging hands at $22.4 at press time, with an improved market cap of $3.84 billion effectively reflecting the general state of crypto price boards on the day. Bitcoin at the time of writing has reclaimed the $10,000 mark that it slipped below last week.

Chart: Tradingview

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