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Binance JEX announces Test Run on Futures Insurance

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Malta-based Binance’s derivatives platform, Binance JEX, has announced the launch of a ‘test run’ on Futures insurance, which is scheduled for 9 January [Singapore Time]. According to the official blog post released by the JEX team, Futures insurance can essentially be used to protect Futures traders’ margin and profits, while trading in Futures on Binance’s JEX platform.

The blog noted that during the aforementioned test run period, JEX Futures insurance will only support BTCUSDT. It added,

In the future, you will be able to purchase futures insurance with JEX token, and buying futures insurance with JEX token will provide you with particular discount.”

Binance had acquired the blockchain derivatives trading platform, JEX, in September last year. Following the acquisition, it was renamed to Binance JEX. As part of the deal, the Seychelles-based JEX, which operates as an independent entity within the Binance ecosystem, offers Futures, options and perpetual contracts for trading.

The Malta-based platform has amplified its efforts in a bid to expand its market share in the derivatives sector. In line with its vision, Binance recently made a minority investment in the Alameda Research-backed derivatives exchange, FTX, for an unknown investment amount.

Interestingly, Binance Futures have recorded significant growth numbers since its inception in September last year. The platform saw 4,042,674 BTC traded in November, which was a 65.71% month-on-month increase, according to Binance’s Futures Review. The review report also revealed that high leverage trading was most popular among retail traders on its platform.

Talking about increasing leverage, CEO CZ had previously stated,

“These professional traders seek out the most efficient ways to trade very quickly, both in terms of cost and performance.”

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.
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