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Bakkt Competitor Coinflex Sees Investments From Polychain and Digital Currency Group

Georgi Georgiev | Mar 14, 2019 | 18:00

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Digital Currency Group and Polychain Capital have become the latest high-profile investors in the physically-delivered crypto futures exchange Coinflex. 

Coinflex Gaining Steam

Coinflex presents itself as the world’s first physically-delivered cryptocurrency futures exchange.

According to a press release, the platform has managed to attract two more high-profile investors in the face of Barry Silbert’s Digital Currency Group and Polychain Capital. They have joined a consortium of other investors in the project, including Dragonfly Capital Partners, Roger Ver, and Trading Technologies.

FLEXin’ and Finessin’

Per the same release, the platform also introduced its very own FLEX Coin — a token designed to promote liquidity and to reward early trading activity. According to the announcement, traders will receive a certain amount of FLEX proportional to the volume that they trade and relative to the total daily volume on the exchange.

Speaking on the matter was Mark Lamb, CEO at Coinflex, who noted:

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.

Is Bakkt Lagging Behind?

Physically-delivered bitcoin futures are at the core of another much anticipated digital trading platform — Bakkt. The idea behind physically-settled futures is that, at the time of the contract’s expiration, the trader will receive the underlying asset instead of a cash payment.

The platform was supposed to go live in December 2018, pending regulatory approval. As Bitcoinist reported, however, the US Commodity Futures Trading Commission (CFTC) is expected to approve its Bitcoin-settled futures contract at some point at the beginning of 2019 — which still hasn’t happened.

Among the latest updates on Bakkt is from Jan 14, when it made its very first acquisition in order to expand compliance capabilities.

What do you think of Coinflex’s progress? Don’t hesitate to let us know in the comments below! 

Images courtesy of Shutterstock.