Although we continue to anticipate the official launch of the Bakkt Bitcoin Futures platform backed by the International Continental Exchange (ICE), CoinFLEX a different crypto startup providing physically delivered Bitcoin Futures Contracts continues to reach new heights.
Based on a Wednesday press release, CoinFLEX a branch of UK-based crypto exchange Coinfloor has taken in new investments in undisclosed amounts from notable crypto investors– Digital Currency Group and Polychain Capital.
Certainly, the quality of these investors indicates it would not be wrong to believe that the CoinFLEX undertaking may likely go on to come to be a solid competitor or perhaps outshine the yet-to-be-launched Bakkt Exchange.
The campaign already had strong backers in crypto pioneer Roger Ver, Mike Komaransky and Dragonfly Capital Partners, meaning that scaling from this position should really be comparatively easy.
Innovating And Building Simultaneously
Apart from the new capitalists, CoinFLEX in addition announced two new add-ons to their futures contract exchange.
To begin with, they will launch a new token called “FLEX Coin” as a way to boost liquidity on the exchange and provide incentive to traders.
The game plan is to circulate FLEX Coins to traders on a daily basis in proportion to the volume they trade and the overall daily volume on the CoinFLEX platform.
At the time of receiving the token, traders can then decide whether or not to trade them in exchange for a 50% returns of their total trading fees in the past 24 hours.
The 2nd addition is a stablecoin-to-stablecoin futures contract that will allow traders hedge exposures with zero-index and prevent any possibilities of settlement manipulation.
Although CoinFLEX only supplied this sneak peek information about how the new additions enhance their offering, it already attests that they’re innovating to satisfy the needs of the wider crypto community.
At this time, the days of competition between Bakkt and CoinFLEX are yet to start. But when they do, there are high hopes that it will be worth the present hype and potentially open the floodgates for institutional investors to join the industry.
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