FLEX Coin Price (FLEX)

The members of the team are obsessed with derivatives trading, cryptocurrency markets, and physical delivery. Though CoinFLEX can boast of being the first physically delivered futures exchange, it’s not going to stop on this achievement and wants to become a dominant venue for trading activities.

The strategy includes recruitment of users who trade on BitMEX and OKEX as the team believes in the superiority of physically delivered futures. The growth of such deals should increase 10-20 times in their opinion in comparison with the volume of spot trading. There are all conditions for the financial markets to grow up to 20-40 billion USD and Coinflex hopes to obtain a sizable part of this sum.

CoinFLEX platform and technologies

CoinFLEX serves different categories of users including commercial clients and individuals. The company offers physically delivered bitcoin futures and doesn’t provide cash exchange.

The system uses trade-driven mining to issue the FLEX coin. It is paid to members of the community based on their daily trade volume. The number of coins issued per day is equal to the reward that traders get multiplied by the taker’s volume and divided by the total amount of Qualifying Volume on the exchange. The last figure includes the amount of XBT/USDT Futures but can add any markets the company wants or, on the contrary, remove the qualifying markets. The decision depends upon the goal that the platform pursues. This is an effective tool to incentivize traders and focus on a particular activity, such as, for instance, the one around the cryptocurrencies-to-stablecoins future pairs.

The company offers a robust matching engine coupled with physical settlement to institutional traders. The best-in-class API performance enables low latency and high throughput. The physically settled mechanism helps to release a lending product allowing the execution of the carry trade in institutional size for stablecoins holders. The team has also developed Android and iOS-based mobile apps for users on the go.

Customers trading FLEX on the exchange can enjoy reduced fees saving up to 50%. FLEX coins can be acquired on the platform’s FLEX/USDT order book. Users can also stake FLEX to enjoy the benefits provided on the exchange for using the coin. For instance, the bonus for staking 1000 FLEX is 10 USDT. The funds should be locked up for 30 days, while stakers get a bonus immediately after staking FLEX. It’s possible to repeat the procedure after the staking period is over and stake again to get the same reward for a 30-day period. The members of the community staking FLEX also receive higher affiliate and sub-affiliate payouts. Additionally, participation in the competition can bring good wins that are provided not only for those who take top places as many other participants are awarded, too.

CoinFLEX security

The team has a flawless reputation in matters of security. It can boast of excellent track record keeping crypto assets in custody, the amount of which exceeded 100 million USD. The company applies to the exchange custodian Bitgo, the leading company in its sphere that provides 100 million USD insurance coverage for digital assets in case of theft, hacking, loss of keys, and other dishonest acts thus protecting its users.

CoinFLEX financial details

The supply of FLEX is 100 million coins, which are issued within a period of 2 years. 10 million coins are reserved for lenders who earn FLEX Coins on a daily basis after the product is launched. The amount awarded depends upon the amount deployed by the user. 10 million of FLEX Coins are reserved for the insurance fund that is activated in the system loss scenario to protect users’ assets from unsuccessful liquidation. 10 millions of FLEX Coins are issued for marketing and referrals.

The platform uses the burning scheme to balance the coin value. Burning FLEX Coins with 20% of the company profits daily, it plans to burn 500 million USD or its equivalent in total.

CoinFLEX team

The company includes experts specializing in different spheres. There are highly professional specialists with expertise in Bitcoin, technology, venture capital, and financial markets.

At the moment of writing, the company includes over 20 employees with Mark Lamb, the CEO, at the head of the company. Mark Lamb founded the company in 2018 after he accumulated experience in Coinfloor. Mark has been a full-time Bitcoiner since 2012. In 2013, he founded Coinfloor that became the UK’s first cryptocurrency exchange and took the position of CEO in it.

The co-founder of the company Sudhu Arumugam previously worked as a trader on the floor of the London Finance Futures Exchange for a leading proprietary trading firm. He had also been a partner at prop firms and hedge funds.

The global distribution of the company and selective hiring of employees helps to achieve goals set. It’s worth noting that the company is extremely focused on technologies and this feature contributes to the faster development of new derivatives products and quick adaption on the market, scaling volumes.