Hong Kong's CoinFLEX aimed at bitcoin futures was reportedly funded by the top-2 venture crypto companies – Polychain Capital and Digital Currency Group.
The platform made a statement about the received investments on March 13. It noted that Polychain Capital and Digital Currency Group have joined other companies that have already expressed intentions to support the exchange. The list of previous backers included Roger Ver, Dragonfly Capital Partners as well as Trading Technologies, as the report reads.
Notably, companies refuse to comment on the investment amount.
The platform is registered on Seychelles and operated by the parent company UK-based CoinFloor Group. The company targets global and scalable crypto futures trading platform.
A similar product was announced by Bakkt, though it is yet to come on stream. CoinFLEX offers physically delivered bitcoin-futures. Specifically, it rolled out a platform to trade delivered crypto futures against Tether at 20x leverage. The company intends to expand futures options with stablecoin-stablecoin pairs.
"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," commented Polychain CEO Olaf Carson-Wee.
The platform has also designed a way to encourage traders. For that purpose, it launched FLEX Coin that will be used as a reward for traders depending on their participation in daily trading volumes. The token can also be used to get discounts for transaction fees on the exchange.