In a world first, Coinfloor’s subsidiary CoinFLEX, Coin Futures and Lending EXchange, have announced they will be offering Bitcoin (BTC) futures with physical delivery of the asset. Previously known as CoinfloorEX, it has now rebranded to CoinFLEX and split off from its parent Coinfloor, which will continue to own an equity stake.
In a competitive move against giants like ICE/NYSE’s Bakkt and Chicago’s Eris Exchange, CoinFLEX is planning to offer futures contracts for Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH). CoinFLEX will support a leverage position ratio of up 20 times. Contracts will be traded against Tether, and unlike most cryptocurrency futures, delivery upon completion will be done via physical delivery of the digital asset.
Coinfloor is the UK’s oldest digital assets exchange, as such it has the goodwill built through longevity to be taken as a serious contender. However to date, it has focused on OTC and larger retail investors, rather than at the lowest level of retail user. As such it has seen far less volume than the likes of Kraken, Bittrex or Coinbase, other popular exchanges available for UK residents.
Source: Crain’s Chicago Business