Coinfloor Group’s CoinfloorEX, the World's First Physically Delivered Crypto Futures Exchange, Has Been Sold and Spun Off to Form CoinFLEX
CoinfloorEX, the world’s first physically delivered bitcoin futures exchange, has been spun off from Coinfloor Group.
The new entity will be known as CoinFLEX (Coin Futures and Lending Exchange) and is owned by a consortium of high-profile technology companies, market makers and crypto investors. These backers include Trading Technologies, Roger Ver, Mike Komaransky, Dragonfly Capital Partners, Global Advisors, B2C2, Amber AI, Grapefruit Trading and Alameda Research. Together, they will provide CoinFLEX with the scale and capital needed to allow it to fulfill market demand for a global, scalable and secure crypto futures exchange.
As part of the deal, Coinfloor Group will retain an equity stake in CoinFLEX and has transitioned key team members to the new company. Mark Lamb, has left Coinfloor to join CoinFLEX and relocated from London to Hong Kong to run the new exchange as CEO. Following the spin off and sale of CoinfloorEX, Coinfloor Group will continue its focus on becoming a leading group of spot cryptocurrency exchanges in the UK and EU market.
Obi Nwosu, CEO and Co-founder of Coinfloor Group, said, “I am happy to be able to announce the sale and spin-off of CoinfloorEX.
This news is validation of the market demand for a physically delivered crypto futures exchange. The team at Coinfloor is very proud to have been the first to develop, launch and operate a solution of this kind. We look forward to seeing the growth of CoinFLEX and wish it every success.
The UK and EU markets are our core and the sale of CoinfloorEX to CoinFLEX also allows Coinfloor to focus once again on our GBP and EUR exchange offering and customer base.”
Mark Lamb, CEO of CoinFLEX, commented, “We have an amazing team of employees and are backed by shareholders ranging from brilliant thought leaders in crypto to well capitalised and sophisticated market makers, in addition to Trading Technologies, one of the world’s leading futures trading platforms in the traditional markets. We would not be here if it was not for everyone at Coinfloor and we are looking forward to continuing this incredible journey.
The market needs physical delivery in order for derivatives to become an order of magnitude larger than they are today. We are ready to serve crypto’s needs and massively grow the market.”
As CoinfloorEX, the company ran seven successful contract cycles since launching in May 2018. CoinFLEX has announced that they plan to relaunch in February, 2019.