CoinFLEX (Coin Futures and Lending Exchange) – the foremost physically delivered digital currency futures exchange of the world has revealed that the crypto exchange has raised more than $10 million in the funding round of 2019. It received investments from Polychain Capital- the world’s premier investor in crypto protocols and firms, NGC Ventures II- a multi-strategy cryptocurrency fund invests in blockchain companies, NGC Ventures.
Some other investors are Bitcoin Cash advocate, Divergence Digital Currency, Angel investor, Fenbushi and Struck Capital. Trading Technologies and Roger Ver are supporters of CoinFLEX.
The crypto exchange firm states that it has reached a trading volume of more than US $150 million and is becoming one of the major crypto futures exchange platforms. To support the new growth and to fast-track liquidity, CoinFLEX revealed the launch of its new initiative ‘Market Making Program’, as per the statement. The initiative focused at professional proprietary trading companies, institutions and hedge funds within the crypto market. The Market Making Program will enable qualifying companies to engage in the continuous success of the platform and also achieve predefined monthly goals of CoinFLEX.
As part of the program, when XBT/USDT futures contracts of CoinFLEX trades more than the US $500 million every day in a single month, then additional US$250,000 will be provided in payments to around 10 companies, the three leading firms will be receiving the volume of $US 16,666 each.
The 10 firms that will qualify in October, November, and December, this year will be eligible for ‘the BitMEX Flippening Incentive’ and those firms qualifying in January, February, and March, next year will qualify for ‘the OKEx Flippening Incentive.’
CoinFLEX’s CEO, Mark Lamb, mentioned,
“Since going live in March, we’ve seen rapid adoption of the CoinFLEX platform. Now, with a consortium of high profile and engaged backers in place, we’re ready to grow liquidity even faster to create the leading way for investors to hedge their crypto exposure with zero manipulation risk. The Market Making Program we’ve announced today is already helping us achieve that goal.”
Responding to the investment, Founding Partner of NGC Ventures, Tony Gu mentioned,
“Crypto derivatives are an important financial tool within our evolving ecosystem. Mitigating price manipulation risks, CoinFLEX’s physically delivered crypto futures will play a vital role as the market matures and welcomes traditional financial players. With a shared vision of bridging the gap between traditional financial practices and the emerging crypto economy, we look forward to supporting CoinFLEX on their road to success.”
Polychain CEO, Olaf Carson-Wee said, as supporters of the platform, PolyChain looks ahead to back Mark and his development team as they expand their operation and innovate further.
CoinFLEX is currently aiming at the Asian market and is expecting that its services will help the exchange to compete with its rival, BitMEX. In a single day, BitMEX has traded almost $16 billion, while CoinFLEX’s best days reached at $200 million, as per Lamb.
CoinFLEX is also planning to launch its new products in the upcoming month, such as futures linked to BNB and LEO, the native coins of Binance and Bitfinex, respectively. The new products could join Polkadot futures of CoinFLEX, a service that was rolled out in 2019 to resolve liquidities in the SAFT market.