CoinFLEX announces $10m funding and Market Making Program
Physically delivered crypto futures exchange, CoinFLEX, has announced its $10 million funding total for this year, with contributions from crypto investors Polychain Capital, NGC Ventures II and NGC Ventures.
Other bitcoin advocates who invested in the crypto exchange, based on the African island Seychelles, included Divergence Digital Currency and Roger Ver.
With a trading volume of more than $150 million, CoinFLEX has also announced the launch of its Market Making Program.
The initiative will target professional proprietary trading firms, hedge funds and institutions within the cryptocurrency industry, giving eligible firms the opportunity to be a part of CoinFLEX’s success, whilst meeting pre-set monthly objectives.
“Since going live in March, we’ve seen rapid adoption of the CoinFLEX platform,” says CoinFLEX CEO, Mark Lamb. “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.”
Investor Polychain believes cryptocurrency futures are “a natural evolution of trading”, seeing high potential in CoinFLEX’s physically delivered futures.
Fellow investor, NGC Ventures, agrees, calling crypto derivatives “an important financial tool within our evolving ecosystem”. NGC looks to CoinFLEX, who has a “shared vision of bridging the gap between traditional financial practices and the emerging crypto economy”.