CoinfloorEX Exchange To Trade Bitcoin Futures
The CoinfloorEX trading platform, which is a subsidiary of the Coinfloor Group, plans to change its name, launch a new product — bitcoin futures, and trade them against the Tether stablecoin in February 2019, Bloomberg reports.
The new organization will be known as CoinFLEX (Coin Futures and Lending Exchange) and will begin work in the Asian market, offering 20-fold leverage, primarily, to retail customers.
The futures contracts of CoinFLEX will allow trading dollar-pegged Tether stablecoin (USDT) in pair with another stablecoin — USD Coin (USDC). The trading mechanism differs from contracts on other exchanges, where profits and losses are paid either in full in dollars or in bitcoins.
CoinFLEX will belong to a consortium of investors, which include Trading Technologies, Dragonfly, Global Advisors, as well as an early supporter of cryptos Roger Ver and others.
Trading Technologies will supply the crypto platform with the necessary software. Michael Unetich, the company’s VP, claims his firm first invested in a cryptocurrency exchange. CoinFLEX will have access to the Trading Technologies’ client base.
Several employees of the Coinfloor Group, which will keep a stake in CoinFLEX, will organize the work of the digital exchange. In particular, Mark Lamb, a Coinfloor co-founder, will relocate from the company's London office to Hong Kong and will become the executive director of the new trading platform. He stated that CoinFLEX is ready to meet the needs of the crypto sphere and expand its market offerings significantly.
As previously reported, the Bitfinex and Ethfinex crypto exchanges will finally switch to their own infrastructure thanks to iFinex.