A cryptographic exchange sponsored by Roger Ver will provide physical futures contracts in Asia
By Manoj Sharma for CNR
Supported by Roger Ver – the so-called & # 39; Bitcoin Jesus & # 39; – a cryptocurrency exchange is set up to offer Bitcoin physical futures contracts to investors in Asia in the next month.
In December, NASDAQ confirmed its plans for the launch of future Bitcoins in the coming year. However, no calendar has been confirmed so far for this. On the other hand, the Coin Futures and Lending Exchange, the exchange supported by Roger Ver, is already taking the initiative and moving forward.
CoinFLEX, based in Hong Kong, is a former unit of the UK's Bitcoin exchange Coinfloor and is owned by Roger Ver and Trading International Inc. The exchange will be led by Coinfloor co-founder Mark Lamb.
As reported by Bloomberg, CoinFLEX will offer future contracts for Bitcoin, Bitcoin Cash and Ethereum, which could be used up to 20 times.
The exchange will compete directly with BitMEX, a Hong Kong-based cryptocurrency trading platform founded by Arthur Hayes of Citigroup Inc. However, the ability to physically deliver futures traded on the platform will potentially give CoinFLEX a competitive advantage in the market.
Mark Lamb said that "cryptographic derivatives could become an order of magnitude bigger than the spot markets and the main thing that would stop growth is the lack of physical delivery. […] Volumes are reduced due to a problem of trust when it comes to cash settled transactions "
In this context, however, Roger Ver's cryptocurrency exchange will compete with Bakkt, which is also set up to physically deliver Bitcoin futures contracts. And Bakkt will be a difficult opponent …