On Monday, CoinFloor Group announced business restructuring with its CoinfloorEX branch to become new trading platform CoinFLEX. The new asset will deal with physically delivered bitcoin futures.
CoinfloorEX division has been offering bitcoin and Bitcoin Cash futures since spring 2018. The platform's main clients were private trading companies and hedge funds.
The new business – CoinFLEX (Coin Futures and Lending Exchange) – will be hosted in Hong Kong, while the registration will be passed at Seychelles. According to the company, the announced platform will cover demand not only from trading companies but also retail investors from Asia.
The trading mechanism will be provided by Trading Technologies with 20x leverage. The futures are said to be traded against Tether.
Moreover, CoinFloor Group also noted that CoinFLEX is to be the first to offer futures for stablecoins with stablecoins settlements (Tether vs USD Coin).
Besides, the announced business got support from such investors as Rodger Ver, Dragonfly Capital Inc., Trading Technologies International, B2C2, Global Advisors, Alameda Research, Grapefruit Trading and Amber AI.
In this context, some market analysts stated that this platform can promote competition with ICE's Bakkt exchange. At the end of last year, the latter reported successful completion of the funding round and rescheduled the launch (initial date – January 24).