CoinfloorEX, a bitcoin futures market, has been spun off from its parent company Coinfloor Group and will relaunch next month, offering a novel derivative product: stablecoin-to-stablecoin futures.
The new entity, renamed as CoinFLEX (Coin Futures and Lending Exchange), will focus on Asian retail customers and offer 20x leverage. The new futures contract will allow traders to exchange tether (USDT) for another cryptocurrency designed to hold its value with the U.S. dollar, USD Coin (USDC), in order to ease cryptocurrency trading across the markets, the company said. It did not respond to a request for clarification about its stablecoin futures market by press time.
CoinFLEX will be owned by a consortium of investors, including Trading Technologies, Roger Ver, Mike Komaransky, Dragonfly Capital Partners, Global Advisors, B2C2, Amber AI, Grapefruit Trading and Alameda Research.