CoinfloorEX Rebrands as CoinFLEX: A New Era in Physical Bitcoin Futures Trading

CoinfloorEX’s Transformation to CoinFLEX

In a groundbreaking shift, CoinfloorEX has officially transformed into CoinFLEX, a name that resonates with its new focus: physical Bitcoin futures trading tailored for the Asian market. The CEO’s recent interview with a prominent financial news outlet has unveiled plans for this exciting venture.

The Power Players Behind CoinFLEX

CoinFLEX is not just another crypto platform; it’s backed by a heavyweight consortium. Among the major figures is Roger Ver, an early cryptocurrency advocate and a controversial supporter of the latest Bitcoin Cash hard fork. Joining him is Mike Komaransky, another veteran in the BTC space, alongside significant players like Dragonfly Capital and CoinShares.

What to Expect from CoinFLEX

Set to launch in February, CoinFLEX will operate out of Hong Kong and will be spearheaded by Mark Lamb, a co-founder of Coinfloor. The platform aims to offer futures contracts not only for Bitcoin but also for Bitcoin Cash and Ethereum. And here’s the kicker: all contracts will be physically delivered! This means that when your contract expires, you’ll receive actual cryptocurrencies rather than a cash equivalent—something to consider in a market often criticized for its lack of regulation.

The Competitive Landscape

CoinFLEX is not entering a void. It will be competing with established platforms like Bakkt, which is operated by the Intercontinental Exchange and was announced in August 2018. Bakkt aims to create a robust market for Bitcoin futures contracts, having raised significant capital and set its sights on an early 2019 launch pending regulatory approval.

The Road Ahead for Coinfloor and CoinFLEX

The transformation comes on the heels of Coinfloor’s recent restructuring, which included significant layoffs. CEO Obi Nwosu previously indicated that the exchange was undergoing staff changes to adapt to the evolving market conditions. While the path forward is laden with challenges, the opening of CoinFLEX may just provide the fresh and innovative outlook that traders are seeking.