CoinFLEX, the world's first physically delivered crypto futures exchange has announced that it secured over $10 million USD in funding this year. Polychain Capital; a premier investor in cryptocurrency protocols and companies and NGC Ventures II, the multi-strategy crypto fund of one of the world's leading blockchain investment firms, NGC Ventures, were contributors to the raise. Additional investors include Divergence Digital Currency, a venture fund that invests in crypto-assets and associated early-stage projects leveraging distributed ledger and related technologies, and Bitcoin Cash advocate and Angel Investor, Roger Ver, giving the company a diverse and influential set of supporters.
With a trading volume of over $150,000,000 USD, CoinFLEX is becoming one of the leading cryptocurrency futures exchange platforms. In order to support this growth and further accelerate liquidity, CoinFLEX has also announced the launch of its Market Making Program an initiative. Aimed at professional proprietary trading firms, hedge funds and institutions within the cryptocurrency industry, the incentive program will allow eligible firms to participate in the platform's continued success while meeting CoinFLEX's predetermined monthly objectives.
Mark Lamb, CEO of CoinFLEX, said, "Since going live in March, we've seen rapid adoption of the CoinFLEX platform. Now, with a consortium of high profile and engaged backers in place, we're ready to grow liquidity even faster to create the leading way for investors to hedge their crypto exposure with zero manipulation risk. The Market Making Program we've announced today is already helping us achieve that goal."
Olaf Carson-Wee, CEO of Polychain, said, "Cryptocurrency futures are a natural evolution of trading, and CoinFLEX brings physically delivered and safe futures to the market. As backers of the platform, we look forward to supporting Mark and his team as they grow the business and continue to innovate."
Commenting on the investment, Tony Gu, Founding Partner at NGC Ventures said: "Crypto derivatives are an important financial tool within our evolving ecosystem. Mitigating price manipulation risks, CoinFLEX's physically delivered crypto futures will play a vital role as the market matures and welcomes traditional financial players. With a shared vision of bridging the gap between traditional financial practices and the emerging crypto economy, we look forward to supporting CoinFLEX on their road to success."