Coinfloor, the oldest British cryptocurrency exchange based on its CoinfloorEX division, will launch CoinFLEX trading platform in the near future, which will offer cryptoinvestors in the Asian market futures contracts for Bitcoin, Bitcoin Cash and Ethereum with a physical delivery of crypto assets and leverage up to 20% in size.
The new CoinFLEX brand – short for Coin Futures and Lending Exchange – is reportedly owned by a consortium that includes Roger Ver, a long-time bitcoin entrepreneur who supported the recent controversial hardfork Bitcoin Cash .
Coinfloor co-founder Mark Lamb will lead the new business with an office in Hong Kong and registration in the Seychelles. He is supported by Trading Technologies, Dragonfly Capital Partners, Global Advisors, B2C2, Amber AI, Grapefruit Trading, Alameda Research, Roger Ver and Mike Komaransky.
“Cryptocurrency derivatives can show an increase by an order of magnitude higher than spot markets, and the main thing that holds them back (in this direction) is the lack of physical supply. The volume of trading is negatively affected by the problem of trust in the area of cash payments , ”Lamb explained.
The contracts will be bargaining against the USDT steablecoin, and CoinFLEX also plans to launch USDT futures contracts with settlements in another steakcoin – USDC. Lamb believes that the Tether product is the most liquid steylockcoin with the best indicator in terms of trading volume, and the latest information from the banking and other partners of the issuing company USDT about its condition inspires confidence.
Recall that in October 2018, Coinfloor became the first cryptocurrency trading platform licensed in Gibraltar. Launched in the spring of the same year, the CoinfloorEX trading platform was aimed at providing futures contracts for Bitcoin hedge funds, private trading companies, experienced retail investors, as well as miners.
At this time, the launch of the main competitor Bakkt postponed
Recall that last August, the NYSE operator Intercontinental Exchange (ICE) announced the launch of its own Bakkt platform for trading Bitcoin futures. Since then, the launch of Bakkt has been twice postponed .
In October 2018, Coinfloor reportedly cut most of its employees in the reorganization process. The head of the exchange Obai Nvosu (Obi Nwosu) then said that the company is experiencing a "change of team and staff reduction".
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