UK’s Coinfloor To Launch Physical Bitcoin Futures To Compete With Bakkt

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Newly dubbed as CoinFLEX, short for Coin Futures and Lending Exchange is reportedly backed by a consortium of renowned names such as Roger Ver (CEO of Bitcoin.com), Mike Komaransky (Crypto Trader), Trading Technologies International, Inc., (Trading software solution firm), Dragonfly Capital (an investment banking firm headquartered in Charlotte) and other consortium including B2C2, Global Advisors, Alameda Research, Amber AI and Grapefruit Trading.

Lamb told Bloomberg in an interview, that all of the company’s futures will be physically delivered. As and when the contract expires, the consumers will be given the underlying cryptocurrency instead of a cash payment.

Competing with Bakkt

The New York Stock Exchange (NYSE), the Intercontinental Exchange (ICE) announced the launch of Bakkt in August 2018. The platform for Bitcoin futures contracts trading has recently closed its first funding round, raising $182.5 million from 12 partners and investors, and will soon be launching their Bitcoin derivatives, as soon as it gets approval from the U.S. Commodity Futures Trading Commission (CFTC).

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