Crypto exchange CoinFLEX raises $10m, launches program to grow trading volume

Coin Futures and Lending Exchange (CoinFLEX), a physically delivered cryptocurrency futures exchange, announced it has raised over US$10 million in funding this year, including investments from crypto investors Polychain Capital and NGC Ventures II, a fund set up by blockchain investment firm NGC Ventures.

Additional investors include Divergence Digital Currency and Roger Ver, Bitcoin Cash advocate and angel investor.

Photo credit: Andre Francois / Unsplash

The company, which claims to have reached a trading volume of over US$150 million, also announced the launch of its Market Making Program to further accelerate liquidity, according to a statement.

Aimed at professional proprietary trading firms, hedge funds, and institutions within the crypto space, the program pays out up to US$10 million for up to 10 qualifying market-making firms.

Under the program, when CoinFLEX’s front-month XBT/USDT futures contract trades over US$500 million per day on average in a month, then an extra US$250,000 will be awarded in payments to the 10 firms, with the top three firms by volume receiving US$16,666 each.

Each of the 10 firms qualifying during October, November, and December 2019 will qualify for the BitMEX Flippening Incentive, while those qualifying during January, February, and March 2020 will be eligible for the OKEx Flippening Incentive.

Incorporated in Seychelles, CoinFLEX aims to solve issues with cash-settled crypto futures contracts and provide ways to hedge crypto exposure with zero index or settlement manipulation risk. It’s focused on Asian retail trader market as well as commercial hedging.