Cryptocurrency Derivatives Series: Binance Eagerly Eyes on Cryptocurrency Derivatives Avenues

The renowned cryptocurrency exchange, Binance, is coming up with the plans to launch “Venus,” by considering it as an independent regional version of “Libra” which is designed and developed by Facebook. Binance further divulged that they initiate a project is likely to develop crypto-assets pegged to fiat currencies across the globe, as per the recent announcement.

Binance announced this venturing of Venus digital currency contemplating their presence in different nations across world, and has embracing their domestic blockchain ‘Binance Chain set up’, and hopes to demolish the financial dominance and reshape the world’s monetary framework. Moreover, Venus is an open blockchain venture to create localized stablecoins and advanced resources pegged to fiat currencies.

For now, Binance acquired a crypto-derivatives trading platform ‘JEX’. ‘JEX’ is a crypto-asset trading platform offering spot and derivatives trading services. JEX will join the Binance ecosystem as Binance JEX and focus on further building the crypto-asset derivatives market, providing Binance users with professional services including futures contracts, options, and other derivative products. 

Simultaneously, the exchange is publicly testing two Bitcoin futures platforms. These initiatives are part of Binance’s push to capture the crypto derivatives market and usurp incumbents BitMEX and Deribit.

Binance has made an announcement that they are developing two futures platforms, namely, “Futures A” and “Futures B,” that enable their clients the opportunity to choose their favorite system. With a view of encouraging users to participate in the voting process, Binance will host a trading competition granting winners a total of 10,000 BNB, worth over $216,000.

“JEX has a seasoned developer team with proven experience in crypto-asset product development. They have developed solid derivatives product offerings, which are aligned with Binance’s product roadmaps in the crypto asset derivatives market,” said Binance co-founder Yi He.