At a time when Bakkt’s Bitcoin [BTC] futures have been issued, CoinFLEX ,another physically distributed cryptocurrency futures exchange by the Futures Exchange, succeeded in the investment in groups of crypto giants Barry Silbert’s Digital Currency and Polychain investment. Other investors include Roger Ver and Dragonfly Capital Partners in the project.
One of Bakkt competitors, CoinFLEX, also revealed the strategy to go with the announcement. In order to promote liquidity and reward traders on their platform, CoinFLEX released a loyalty token named Flex Coin. The quantity of the Flex Coin rewarded to users will depend on the amount of their business. According to a statement issued by the firm,
“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. The full details of the FLEX coin will be made available in coming weeks.”
Mark Lamb, the physically-settled CEO of Futures Exchange, said,
“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.”
In addition, the US-based Intercontinental Exchange’s [ICE] Bakkt and BTC futures business is expected to be launched by the end of 2019. The crypto exchange platform will offer futures contracts, essentially to start more regulatory supervision for the discovery of BTC value.
With the latest introduction of the launch of the CoinFLEX and Bakkt’s in the near term, entry of institutional players in the crypto space is expected to increase.