As the Intercontinental Exchange (ICE) continues to delay the launch of the Bakkt Bitcoin Futures platform, there are other firms that are taking advantage of this situation.
CoinFLEX, another cryptocurrency startup that offers physically delivered Bitcoin Futures Contracts has received support from many recognized companies.
CoinFLEX Takes Advantage of Bakkt Delay
According to a recent press release unveiled by the company on March 13, CoinFLEX will be launching FLEX Coin, a loyalty digital asset for early traders on the platform. The main intention behind this is to encourage liquidity and reward members that trade on the platform.
Furthermore, the company has already received investments from investors such as Digital Currency Group or Polychain Capital. Other backers were Roger Ver, Mike Komaransky and also Dragonfly Capital Partners.
CoinFLEX aims at fulfilling market demand for secure crypto futures exchanges. As the digital market expanded, the interest from institutional investors also increased. However, the infrastructure to receive institutions was not ready yet.
Companies such as Fidelity Digital Assets or the ICE have been trying to create the necessary conditions for larger investors to enter the market.
The FLEX Coin will introduce the world’s first stablecoin-to-stablecoin futures contracts. Users will have the ability to hedge exposures with zero index or settlement manipulation risk. FLEX Coin aims at creating a dynamic growing and committed trading community.
Mark Lamb, the CEO of CoinFLEX, commented about it:
“With FLEX Coin we want to reward early traders of the platform and build loyalty using a shared exchange coin. We have a growing set 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.”
According to the CEO of Polychain, Olaf Carson-Wee, Mr. Lamb and the team behind CoinFLEX were able to identify a gap in the fragmented landscape of virtual currency exchanges.
The Intercontinental Exchange announced in August 2018 the Bakkt platform.
The intention was to launch it at the end of 2018, but due to different reasons, the platform will be launched later this year. Investors and crypto enthusiasts are currently waiting for it and how it could help the market start growing once again.