UK’s Coinfloor To Launch Physical Bitcoin Futures To Compete With Bakkt
One of the most famous British cryptocurrency exchange in the United Kingdom, Coinfloor Exchange launched a new arm for cryptocurrency related services, CoinfloorEX, back in March 2018. The ‘physically delivered cryptocurrency future exchange’ has now been reformed to offer trading of physical Bitcoin futures on the Asian market, as revealed by the CEO of the company in an interview with Bloomberg on Monday, Jan. 7
Newly dubbed as CoinFLEX, short for Coin Futures and Lending Exchange is reportedly backed by a consortium of renowned names such as Roger Ver (CEO of Bitcoin.com), Mike Komaransky (Crypto Trader), Trading Technologies International, Inc., (Trading software solution firm), Dragonfly Capital (an investment banking firm headquartered in Charlotte) and other consortium including B2C2, Global Advisors, Alameda Research, Amber AI and Grapefruit Trading.
Based in Hong Kong, this new venture is headed by Mark Lamb, Coinfloor’s co-founder. Starting this February, CoinFLEX will offer Bitcoin, Bitcoin Cash and Ethereum futures contracts to retail investors based in Asia.
Lamb told Bloomberg in an interview, that all of the company’s futures will be physically delivered. As and when the contract expires, the consumers will be given the underlying cryptocurrency instead of a cash payment.
Competing with Bakkt
The New York Stock Exchange (NYSE), the Intercontinental Exchange (ICE) announced the launch of Bakkt in August 2018. The platform for Bitcoin futures contracts trading has recently closed its first funding round, raising $182.5 million from 12 partners and investors, and will soon be launching their Bitcoin derivatives, as soon as it gets approval from the U.S. Commodity Futures Trading Commission (CFTC).
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