CoinfloorEX Plans To Trade Physical Bitcoin, BCH and Ethereum Futures
According to Coinfloor co-founder Mark Lamb, the cryptocurrency exchange CoinfloorEX will start to offer futures contracts for Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH). All of them will be able to be leveraged up to 20 times, Bloomberg reports.
Per the press release, CoinFLEX will also “introduce the world’s first stablecoin-to-stablecoin futures contract, offering Tether (USDT) against Circle’s USD Coin (USDC).” CoinFLEX says that these stablecoins “are pegged to the U.S. Dollar and allow traders and investors to trade on global cryptocurrency markets without dealing with slow and expensive bank wires.»
As CoinfloorEX, the company ran seven successful contract cycles since launching in May 2018. CoinFLEX relaunches in February, 2019 with 20X leverage, Trading Technologies trading software and connectivity, and an Asian retail customer focus.
The physically delivered Bitcoin futures contract will be against a stable coin, Tether, as it was mentioned above. Therefore, upon maturation, shorts and longs will be settled with Bitcoin and Tether respectively. Lamb noted that Tether was chosen because it “is the most liquid” and has the highest volume.
CoinFLEX will be located in Seychelles, that has very light regulations around digital currencies and blockchain technology. As Lamb explains, being offshore maximizes the accessibility and trust that traders place on them.