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Physically-Backed Crypto Futures for Bitcoin, Ethereum and Bitcoin Cash Set for Imminent Launch

by Daily Hodl Staff
February 21, 2019
in Trading

CoinFLEX says it will roll out physically-backed Bitcoin, Ethereum and Bitcoin Cash futures in a matter of days. The Hong Kong-based company is a spin-off of Coinfloor, the UK’s oldest Bitcoin exchange, and is partly owned by Bitcoin Cash evangelist Roger Ver and Chicago-based fintech company Trading Technologies International.

CoinFLEX just launched its website and plans to offer Asian clients up to 20x leverage on all three cryptocurrencies.

We are excited to announce the launch of our official website ?https://t.co/pw6nXgfoQX
The official launch of the exchange will be coming soon, please stay tuned with us?
Find out more about us at our Telegram community: https://t.co/jpa4dYHLFw

— CoinFLEX (@CoinFLEXdotcom) February 21, 2019

For months, the crypto community has been clamoring for physically-backed futures, which are paid out with the underlying cryptocurrency, instead of cash.

In a recent interview with Bloomberg, CoinFLEX CEO Mark Lamb explains the importance of physically-settled futures.

“If you’re trading a cash-settled future, you’re open to manipulation of the index at the time of settlement. If you’re a market maker where you’re doing a basis trade, where you’re arbitraging the cash and spot markets, the cash markets versus the futures market, what you really want to be sure about is, at the time of expiry, you know exactly what you’re going to get…

“With a physically-delivered future, it really ties the future’s price to the actual, underlying asset because at expiry, everyone knows what they’re going to get. Everyone who’s short, delivers Bitcoin, receives cash. Everyone who’s long, delivers cash, receives Bitcoin. So that kind of tying down to the real world allows these types of futures to be used for much more than just speculation. They’re great speculative tools, but they become useful for commercial hedging, hedging miner exposure, hedging and OTC trade, or making markets.”

Meanwhile, Intercontinental Exchange, owner of the New York Stock Exchange, is waiting on the Commodity Futures Trading Commission to approve the launch of its new crypto trading platform, Bakkt, which will deliver physically-backed crypto futures in the US.

After missing two target launch dates, the company now says it will launch “later this year”, pending regulatory approval, and calls the project its “moonshot bet” on Bitcoin and crypto.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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