CoinFLEX, the world’s first physically delivered crypto futures exchange, has launched FLEX Coin to encourage liquidity and reward members who trade on the platform.
Every day, a set amount of FLEX Coin will be paid out to traders based on the proportion of the volume they trade as a taker, relative to the total daily volume on the platform. The coins can be exchanged for a discount on the cost of using the platform. By spending coins, a user can receive back 50% off their total trading fees from the previous 24 hours. Full details of how FLEX coin will operate will be made available in the coming weeks.
CoinFLEX is launching to fulfil market demand for a global, scalable and secure crypto futures exchange. As well as physically-delivered bitcoin futures, it will also introduce the world’s first stablecoin-to-stablecoin futures contract, and will provide investors with the ability to hedge exposures with zero index or settlement manipulation risk. By encouraging participation through FLEX Coin, the exchange seeks to create a dynamic, growing and committed trading community.
CoinFLEX has also announced the addition of investment firm Digital Currency Group and blockchain investment company Polychain as investors. They join a consortium of high-profile technology companies, market makers and crypto investors backing the firm, including Trading Technologies, Roger Ver, Mike Komaransky and Dragonfly Capital Partners, as well as a number of leading market making firms.
Mark Lamb, CEO of CoinFLEX, said, “With FLEX Coin we want to reward early traders of the platform and build loyalty using a shared exchange coin. We have a growing number of high profile backers, a clear roadmap for delivery and are moving closer to our goal of helping crypto futures trading achieve its full potential.”
Olaf Carson-Wee, CEO of Polychain, said, “We believe that Mark and his team have identified a gap in the fragmented landscape of cryptocurrency exchanges. 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 and hash rate volatility.”
Travis Scher, VP, Investments at Digital Currency Group, said, “The development of a robust digital currency futures market is critical to the long-term sustainability of the asset class. Mark and his team have built a strong model for CoinFLEX, and we believe this new exchange will successfully increase liquidity and market participation.”