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CoinFlex raise USD 10 million to create a futures exchange!

Now Bakkt are finally launching their long-awaited futures exchange it seems that CoinFlex will be a serious rival.

After raising capital from  Polychain Capital,  NGC Ventures,  Divergence Digital Currency, and  Bitcoin Cash  advocate and angel investor,  Roger Ver they now say they are ready to create the “world’s first physically delivered crypto futures exchange.“.

The main goal of the fundraise is to ensure growth and accelerate liquidity in cryptocurrency markets through a reward mechanism. CoinFLEX is set to  launch its  Market Making Program  as an “incentive initiative“ to spur investment by increasing their trading volumes, thereby further accelerating liquidity.

The way it will work:

Companies have a range of attractive market-making incentives for joining the program. Companies  who quote CoinFLEX-designated market spreads can be rewarded with a fixed stipend incentive, which will reward the  first ten firms with $20,000 per month.

The top three market-makers can get an additional $16,666 per month, for total monthly incentives to all participating firms of $250,000. Users can also receive awards for achieving volume goals, such as the $500M Average Daily Volume (ADV) Incentive, or even so-called “flippening“ objectives that achieve greater volume than major competitors like BitMEX and OKEx.