Competition in the bitcoin futures market is increasing: Barry Silbert invested in a competitor Bakkt

CoinFLEX bitcoin futures platform announced it has received investments from the Digital Currency Group (DCG) and Polychain Capital, the two most well-known venture capital firms in the cryptocurrency space. The amount of funding received was not disclosed.

CoinFLEX is officially based in Hong Kong with registration in the Seychelles, however, it is a division of the British cryptocurrency company CoinFloor Group.

Like Bakkt, which has not yet been launched, CoinFLEX offers Bitcoin futures with physical delivery. In February, the company launched a platform on which it is possible to trade deliverable cryptocurrency futures against steyblecoin Tether with a leverage of up to 20x.

CoinFLEX also plans to launch supply futures contracts in steyblecoin / steyblecoin pairs.

To encourage liquidity traders, the platform will use its own FLEX Coin token. Rewards will be paid depending on the share of traders in the total daily trading volume. FLEX Coin tokens can later be used to receive discounts on transaction fees.

CoinFLEX is regarded as one of the competitors of the Bakkt bitcoin futures platform, the launch of which has been postponed several times already. Earlier it was reported that Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, expects to invest up to $ 25 million in the development of Bakkt by the end of the year.

In March, there were reports in the press that by the end of 2019, the famous Starbucks coffeehouse network plans to allow visitors to pay for their orders with a cryptocurrency, which through the Bakkt platform will instantly be converted into Fiat.

As for the Digital Currency Group, in February it became one of the participants in the investment round of the blockchain-startup Nivaura, which focuses on capital markets. The $ 20 million round was led by the London Stock Exchange.

In 2018, Polychain Capital became the first hedge fund in the cryptocurrency space, with assets under management exceeding $ 1 billion. At the end of January this year, the company raised $ 175 million to create a cryptocurrency venture fund

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