CoinFLEX, a physically deliverable crypto futures exchange registered in Seychelles, recently announced that it secured over $10 million USD in funding. Polychain Capital; an investor in cryptocurrency protocols and companies and NGC Ventures II, the multi-strategy crypto fund of blockchain investment firm, NGC Ventures, were contributors to the raise.
Additional investors include Divergence Digital Currency, a venture fund that invests in cryptoassets and associated early-stage projects leveraging distributed ledger and related technologies, and Bitcoin Cash advocate and Angel Investor, Roger Ver, giving the company a diverse and influential set of supporters.
Now, CoinFLEX has announced the launch of a new market-making program initiative. Aimed at trading firms, hedge funds and institutions within the cryptocurrency industry, the incentive program will allow eligible firms to participate in the platform’s continued success while meeting CoinFLEX’s predetermined monthly objectives.
“Since going live in March, we’ve seen rapid adoption of the CoinFLEX platform. Now, with a consortium of high profile and engaged backers in place, we’re ready to grow liquidity even faster to create the leading way for investors to hedge their crypto exposure with zero manipulation risk. The Market Making Program we’ve announced today is already helping us achieve that goal.”
– Mark Lamb, CEO of CoinFLEX
The details of the market maker scheme can be found in this document.
“Crypto derivatives are an important financial tool within our evolving ecosystem. Mitigating price manipulation risks, CoinFLEX’s physically delivered crypto futures will play a vital role as the market matures and welcomes traditional financial players. With a shared vision of bridging the gap between traditional financial practices and the emerging crypto economy, we look forward to supporting CoinFLEX on their road to success.”
– Tony Gu, Founding Partner at NGC Ventures
CoinFlex also offers Initial Futures Openings (IFOs), which lists a futures contract on the price of a forthcoming coin from select projects, yet to be released on exchanges. CoinFlex is now launching an IFO for cloud computing platform DFINITY, and offered its first IFO on cross-chain blockchain project Polkadot.