British cryptocurrency company CoinFloor Group announced that its division CoinfloorEX stands out as a separate business under the name CoinFLEX and will launch a new trading platform which will offer futures contracts on the bitcoin physical delivery of the asset. It is reported Bloomberg.
CoinfloorEX offered futures on bitcoin and Bitcoin Cash in the spring of last year and focused mainly on hedge funds and private trading firms.
CoinFLEX (Coin Lending and Futures Exchange), in turn, is based in Hong Kong with the registration in the Seychelles and calls his target audience not only trading company, but also retail investors from the Asian region.
The new company also received financial support from several prominent investors, including Roger Faith, Trading Technologies International, Inc., Dragonfly Capital, B2C2, Global Advisors, Alameda Research, Amber AI Trading and Grapefruit.
It is reported that CoinFLEX will use the trading mechanism of Trading Technologies, it is noteworthy that using 20x leverage, the contracts will be traded against the Tether.
“Cryptderivekey can be an order of magnitude greater spot market, and the main thing now holding back their growth is the lack of physical delivery. The issue of trust that occurs when trading with monetary settlements, and also conducts low volumes,” said CEO CoinFLEX mark lamb.
The press release also States that additional CoinFLEX will present the first in the world of futures contract stablon with the calculation of seblaine — Tether (USDT) against the USD Coin (USDC).
Some commentators have noted that CoinFLEX may become a rival platform Bakkt, which also plans to launch bitcoin futures with physical delivery of the asset.
We will remind, on December 31 Bakkt successfully closed the first financing round, in which she managed to raise $182,5 million At the same time, scheduled for 24 January, the launch of the platform, is expected to be transferred