CoinfloorEX, the British cryptocurrency exchange, which launched the sale of Bitcoin futures in March of this year, was withdrawn from the Coinfloor Group parent company and will resume work next month by offering a new product: "stablecoin-to-stablecoin" futures – as reported by CoinDesk.
Stablecoin – digital assets that are backed by real money or other physical reserves (gold, oil, real estate).
As it became known, the project will be renamed to CoinFLEX (Coin Futures and Lending Exchange). Target audience: Asian retail customers. The official headquarters of the new project will be Hong Kong.
From the message of the developers, CoinFLEX will offer a 20-fold leverage.
Stablecoin at CoinFLEX
According to the new futures contract, traders will be able to exchange cryptocurrencies with reference to USD Coin (USDC). This in turn will guarantee a more stable exchange rate.
CoinFLEX will consist of a consortium of investors, including TradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details Technologies, Roger Ver, Mike Komaransky, and Dragonfly Capital Partners, Global Advisors, B2C2, Amber AI, Grapefruit Trading and Alameda Research.
The new platform will work on the Trading Technologies software.
"This is the first time when Trading Technologies will become a cryptocurrency exchange investor (...) Our company will connect CoinFLEX with its client base" – from the press release of Michael Unetich, vice president of working with crypto-assets in Trading Technologies.
Recall that the Coinfloor group, which will retain ownership in CoinFLEX, announced the transfer of some high-ranking team members to the new exchange. Among them, Coinfloor co-founder Mark Lamb, who is known to have moved from London to Hong Kong and will hold the position of CoinFLEX CEO.
CoinfloorEX offers a new product, which is associated with "Steablecoin" futures – the exact date of the project start is not yet known. According to CoinMarketCap, the London CoinfloorEX stock-exchange currently ranks 124th in terms of daily trading in the world.
Editor: Pereyidenko Ihor