CoinFLEX Hires Former Binance OTC Head to Expand Its Crypto Derivatives Gamification
CoinFLEX, a leading crypto derivatives exchange, recently poached a strategic Executive human resource from Binance in a bid to expand its market share and product range. Leslie Tam, who formerly worked at Binance as their head of trading and VIP coverage will join CoinFLEX as the firm’s chief strategy officer.
The newly appointed CoinFLEX CSO is expected to bring his 15-year expertise in the financial services industry to increase the company’s value. Prior to joining Binance, Leslie was an employee of the Bank of America Merrill Lynch where he led the Institutional client group in Hong Kong. This together with his experience in Crypto Exchanges while at Binance, are among the major factors that CoinFLEX bank on Leslie’s ability to deliver.
The CoinFLEX Crypto Derivatives Market
Crypto derivatives have been slowly picking up despite the many challenges in launching a Bitcoin future to trade in existing financial markets. CoinFLEX is among the crypto derivative networks that have seen a significant growth since the industry gained a reputation amongst digital asset investors. Back in October, the firm designed a futures contract whose underlying is the based on the whether or not Libra will launch by the end of 2020.
With barely a year of existence, CoinFLEX currently services 8.6% of the BTC futures market; this is quite impressive given that Binance is only a percent higher at 9.9%. Back in August, Bitcoin Cash and other crypto stakeholders contributed $10 million towards a funding round for BTC futures on the CoinFLEX digital exchange. The platform has priced its Libra ‘launch’ futures at 30 cents which translates to a 30% probability of launch from CoinFLEX’s position on this contract.
Leslie is expected to grow current programs like the CoinFLEX ‘Bracket Order Battle’ which is basically an incentive for users to participate on new products issued within the platform. So far, this innovation which is competitive oriented has attracted volumes as high as $80 million in a 2-hour duration as users try their luck for cash rewards. This program is expected to be among the most active CoinFLEX operations in 2020 as they capitalize on the strategy for new markets.