BitMax.io (BTMX.com) has announced the listing of FLEX, the native token of CoinFLEX. CoinFLEX is the world’s first exchange to offer a physical delivery for Bitcoin futures contracts. The listing of FLEX reflects the joint vision of both trading platforms to support market growth and structure maturity within the evolving digital asset ecosystem.
To celebrate the listing of FLEX, BitMax.io will offer FLEX traders 1.5 bps (0.015%) rebates for providing liquidity and conduct a variety of activities with a reward pool of over $50,000 worth of FLEX and USDT. These activities are designed to promote efficient trading of FLEX with deep liquidity and tight spreads.
Launched in early 2019, CoinFLEX caters to astute retail traders as well as to the commercial hedging market, which includes mining firms, OTC trading desks, and global proprietary trading firms. Mark Lamb, the founder CEO of CoinFLEX, has over 7 years of experience running cryptocurrency exchanges. In 2012 Lamb co-founded CoinFloor, the first Bitcoin exchange in the United Kingdom.
Core to CoinFLEX’s value proposition is physical delivery of futures upon contract expiration. CoinFLEX has raised a total of $10M across two funding rounds from high profile backers such as NGC Ventures, Polychain Capital, Divergence Digital Currency, Dragonfly Capital, and Digital Currency Group. Through user education, advanced order types and frequent competitions, CoinFLEX aims to bring a culture of risk management and professional trading techniques to its global community. The platform’s robust matching engine and high-performance API cater to a sophisticated clientele and its recent partnership with Trading Technologies has been positively received within the digital asset ecosystem.
CoinFLEX will soon release a lending product that utilizes its physically settled mechanism to allow stablecoin holders to execute the carry trade in institutional size. The team has also emphasized its commitment to secure custody and boasts a seven-year track record in custodying digital assets (over $100M) without incident.
A fixed amount of FLEX coins is rewarded to CoinFLEX traders each day based on their trade volume as liquidity takers for the given day.
Users can redeem FLEX at CoinFLEX.com to receive a 50% discount from their trading fees for the current 24 hours of trade activity. For example, a user who traded $500,000 within 24 hours and paid $150 USDT in fees would be credited $75 USDT for redeeming 100 FLEX Coins. Credits are paid in the same asset a user paid fees in and redeemed FLEX are burned and taken out of circulation.
Users can also stake FLEX on the exchange platform to benefit from lower trading fees, as low as 0.00% maker and 0.02% taker.
The supply of FLEX Coins will be issued over a period of two years and capped at 100 million coins. The platform delegates 20% of its operating profits for “FLEX buy & burn” initiatives which occur each quarter until 500 million USD equivalent is allocated.
Launched in August 2018, BitMax.io is a leading digital asset trading platform with a broad range of financial products and services for both retail and institutional clients, with robust product design ranging from innovative volatility products to margin trading and other investment solutions.
Collaboration between Industry-leading Institutions
Beginning with the listing of FLEX, BitMax.io and CoinFLEX will forge a strategic partnership. BitMax.io is expected to be one of the most liquid and active trading marketplaces for FLEX. With regards to the strategic collaboration, Shane Molidor, Global Head of Business Development at BitMax.io states:
“The collaboration between BitMax.io and CoinFLEX should provide synergistic value to each institution. FLEX traders will benefit from increased trading efficiency and liquidity on an additional high-performance platform, while BitMax.io gains increased exposure to a new community of dedicated derivatives traders.”
BitMax.io has previously listed exchange utility tokens for major platforms such as Binance, Huobi, OKEx, Gate.io, and FTX. On listing the platform tokens of industry competitors, Molidor notes: “We don’t see the digital asset trading ecosystem as ‘winner-takes-all’ or ‘zero-sum.’ Similar to the competitive model in traditional finance, it’s entirely possible that multiple platforms or key industry players co-exist and service a particular niche – BitMax.io is excited to support the utility tokens of other industry innovators.”
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