Binance acquires JEX; renames it Binance JEX

Crypto exchange platform, Binance announced via a blog post on September 05 regarding the acquisition of JEX, a crypto exchange platform. Jex offered its customer’s spot and derivatives trading services. Post-acquisition JEX is renamed to Binance JEX.  

The blog commenced by stating that the new Binance JEX will operate as an independent body under the Binance ecosystem. The blog also said that the JEX token would have to be shifted from ERC-20 standard to BEP-2 standard tokens on the Binance chain. Binance announced that it would assist with this transfer. 

Binance Coin (BNB) will possess the same benefits as JEX tokens on the Binance platform. The crypto exchange says that it will distribute all 200,000,000 unlocked JEX tokens among BNB on Binance.com. Binance also aims to calculate the holding ratio of its users; hence, advice all its customers to hold a minimum of 10 BNB at all times during the calculation process.

BNB-holders-will-have-the-same-benefits-as-JEX-tokens-on-the-Binance-JEX-token-platform

Binance further highlighted that they would conduct a monthly airdrop to distribute the JEX tokens among BNB holders – 

“Users will also need to hold at least 10 BNB at all times each day to be eligible for this airdrop. This monthly airdrop will initially run for one full year and may be adjusted in the second year based on future conditions.”

Binance also outlined that each holder’s lowest BNB balance includes BNB in their sub-accounts, spot trading accounts, Binance lending accounts but excludes their BNB in margin accounts. BNB holdings below ten will not be included in the daily calculations. BNB holdings are calculated daily, and JEX tokens are distributed once a month. Binance aims to complete the distributions within two weeks of each holding period.

In August, Binance announced regarding a new open blockchain project, Venus, a project to develop localized digital assets associated with fiat currencies on a global scale. Binance is planning to create new partnerships with governments, corporations, and other cryptocurrency companies and projects involved in the broader blockchain ecosystem. Through these new ventures, Binance aims to create new digital assets in developing nations.

The venture by Binance seems to compete directly with plans from the social media giant ‘Facebook’s Libra. With Binance choosing a name Venus, it was also associating the astrological flavor.