Bakkt’s rival CoinFLEX releases new loyalty token

At a time when Bakkt’s release of Bitcoin [BTC] futures is much anticipated, CoinFLEX, another physically delivered cryptocurrency futures exchange, managed to pool in investments from crypto giants Barry Silbert’s Digital Currency Group and Polychain. Other investors in the project include Roger Ver and Dragonfly Capital Partners, among others.

CoinFLEX, a competitor of Bakkt, also revealed a strategy to go with the announcement. In a bid to foster liquidity and reward traders on its platform, CoinFLEX released a loyalty token called FLEX Coin. The amount of FLEX Coin rewarded to users will depend upon the volume they trade. According to a statement released by the firm,

“The coins can be exchanged for a discount on the cost of using the platform, by spending coins a user can receive back 50% off their total trading fees from the previous 24 hours. The full details of the FLEX coin will be made available in coming weeks.”

Mark Lamb, the CEO of the physically-settled futures exchange, said,

“We have a growing set of high profile backers, a clear roadmap for delivery and are moving closer to our goal of helping crypto futures trading achieve its full potential.”

Besides, the US-based Intercontinental Exchange’s [ICE] Bakkt and its launch of BTC futures trading is expected by the end of 2019. The crypto exchange platform will be offering futures contracts, essentially to introduce greater regulatory supervision to BTC price discovery.

With the latest foray of CoinFLEX and Bakkt’s launch in the near term, penetration of the institutional players into the crypto space is expected to increase.

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