CoinFLEX Raises $10 Million In Funding, Announces Further Development Plans

By Dare Shonubi
Published August 22, 2019 Updated August 22, 2019
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CoinFLEX Raises $10 Million In Funding, Announces Further Development Plans

By Dare Shonubi
Published August 22, 2019 Updated August 22, 2019

Hong Kong-headquartered physically delivered cryptocurrency futures exchange, CoinFLEX, announced that it has, this year, raised more than $10 million dollars in funding. The funding comes in the form of investments from crypto investors Polychain Capital and NGC Ventures II, a fund set up by blockchain investment firm NGC Ventures. Additional investors include Divergence Digital Currency and Roger Ver, Bitcoin Cash advocate, and angel investor.

According to Tony Gu, Founding Partner at NGC Ventures,

Crypto derivatives are an essential part of our financials and the evolving ecosystem. Minimizing the price manipulation vulnerabilities, CoinFLEX’s physically delivered crypto futures are bound to play an inevitable part as the market matures and invites some leading financial giants. With a strong vision of eliminating the gap between traditional financial practices and the emerging crypto economy, we look forward to supporting CoinFLEX on their road to success.

CoinFLEX Market-Making Campaign

According to reports, CoinFLEX also announced the launch of its Market Making Programme in which it aims to pay up to $10 million to as many as 10 qualifying market-making firms, professional proprietary trading firms, hedge funds, and institutions within the crypto space.

In CoinFLEX’s market-making arrangements which basically focus on its XBT/USDT future trading contracts, CoinFLEX will reward $250,000 in payments to the 10 qualifying firms, with top 3 by volume receiving $16,666 each after the XBT/USDT futures contract trades over $250 million per day on average in a month.

According to the arrangement, each of the 10 qualifying firms during October, November and December 2019 will also qualify for the BitMEX Flippening incentive. In a similar manner, those qualifying in January, February and March 2020 will qualify for the Okex Flippening incentives.

Further Updates

Elsewhere, the firm aims to revamp its platform as it tries to prop up its liquidity with rewards. The firm is on the brink of a new marketing push, says Lamb. It is also going to give its retail trading interface an upgrade.

CoinFLEX is also looking to deliver new products as early as next month, including futures tied to LEO and BNB, the native exchange coins of cryptocurrency exchanges Bitfinex and Binance, respectively. The new products would join its polkadot futures, a product launched earlier this year to address illiquidity in the SAFT market tied to the crypto project.

Also, Thursday 22nd August, CoinFLEX IFO will be launching the DFINITY futures contract at 12:00 UTC. The CoinFLEX IFO, is an initial futures offering with which the derivative exchange introduces new future contracts with corresponding sale periods.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Dare Shonubi
247 Articles
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development. You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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