Crypto Futures Exchange CoinFLEX Secures Investments From DCG And Polychain

Investing, News | March 15, 2019 By:

CoinfloorEX, a cryptocurrency futures exchange of British crypto firm Coinfloor, has received an undisclosed investment from Polychain Capital and Digital Currency Group (DCG).

The latest high-profile investors have joined a consortium of high-profile technology companies, market makers and crypto investors backing the firm, including Trading Technologies, Roger Ver, Mike Komaransky, Dragonfly Capital Partners, and a number of leading market making firms.

“The development of a robust digital currency futures market is critical to the long-term sustainability of the asset class”, said Travis Scher, VP of Investments at Digital Currency Group. “Mark and his team have built a strong model for CoinFLEX, and we believe this new exchange will successfully increase liquidity and market participation.”

CoinfloorEX also introduced FLEX Coin, a loyalty coin for early traders on the platform, to encourage liquidity and reward members. According to the firm, a set amount of FLEX Coin will be paid out to traders every day based on the proportion of the volume they trade as a taker, relative to the total daily volume on the platform. The coins can be exchanged for a discount on the cost of using the platform.

“With FLEX Coin we want to reward early traders of the platform and build loyalty using a shared exchange coin”, said, Mark Lamb, CEO of CoinFLEX. “We have a growing set of high profile backers, a clear roadmap for delivery and are moving closer to our goal of helping crypto futures trading achieve its full potential.”

CoinfloorEX wil also introduce the world’s first stablecoin-to-stablecoin futures contract, and will provide investors with the ability to hedge exposures with zero index or settlement manipulation risk.

“We believe that Mark and his team have identified a gap in the fragmented landscape of cryptocurrency exchanges,” said Olaf Carson-Wee, CEO of Polychain. “As a physically-settled futures exchange, CoinFLEX will be well positioned to capture significant order flow from speculators, institutional traders and Proof of Work miners seeking to hedge against crypto price volatility and hash rate volatility.”