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Bakkt’s rival CoinFLEX releases new loyalty token

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Bakkt's contender CoinFLEX releases loyalty token; pools in big investors
Source: Pixabay

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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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

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Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





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