DCG & Polychain Capital to Invest in CoinFLEX

CoinFLEX is a division of the British cryptocurrency company CoinFloor Group and it offers Bitcoin futures with physical delivery
14 March 2019   651

CoinFLEX bitcoin futures platform announced it has received investments from the Digital Currency Group (DCG) and Polychain Capital, the two most well-known venture capital firms in the cryptocurrency space. The amount of funding received was not disclosed.

We believe that Mark and his team have identified a gap in the fragmented landscape of cryptocurrency exchanges. As a physically-settled futures exchange, CoinFLEX will be well positioned to capture significant order flow from speculators, institutional traders and Proof of Work miners seeking to hedge against crypto price volatility and hash rate volatility.

Olaf Carson-Wee
CEO, Polychain

CoinFLEX is officially based in Hong Kong with registration in the Seychelles, however, it is a division of the British cryptocurrency company CoinFloor Group.

Like Bakkt, which has not yet been launched, CoinFLEX offers Bitcoin futures with physical delivery. In February, the company launched a platform on which it is possible to trade deliverable cryptocurrency futures against Tether with a leverage of up to 20x.

CoinFLEX also plans to launch supply futures contracts in stablecoin / stablecoin pairs.

To encourage liquidity traders, the platform will use its own FLEX Coin token. Rewards will be paid depending on the share of traders in the total daily trading volume. FLEX Coin tokens can later be used to receive discounts on transaction fees.

CoinFLEX is regarded as one of the competitors of the Bakkt bitcoin futures platform, the launch of which has been postponed several times already. Earlier it was reported that Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, expects to invest up to $ 25 million in the development of Bakkt by the end of the year.

In March, there were reports in the press that by the end of 2019, the famous Starbucks coffeehouse network plans to allow visitors to pay for their orders with a cryptocurrency, which through the Bakkt platform will instantly be converted into Fiat.

As for the Digital Currency Group, in February it became one of the participants in the investment round of the blockchain-startup Nivaura, which focuses on capital markets. The $ 20 million round was led by the London Stock Exchange.

In 2018, Polychain Capital became the first hedge fund in the cryptocurrency space, with assets under management exceeding $ 1 billion. At the end of January this year, the company raised $ 175 million to create a cryptocurrency venture fund

Authorities to Study Bankrupt QuadrigaCX

Canada Revenue Agency sent a request for access to the tax info from Oct. 1 2015 to Sep. 30, 2018
18 September 2019   43

The Canadian Revenue Agency (CRA) intends to examine corporate declarations that ceased to exist as a result of the bankruptcy of the QuadrigaCX bitcoin exchange, The Globe and Mail reports.

CRA sent a request for access to the tax reporting of the exchange from October 1, 2015 to September 30, 2018, that is, on the date when QuadrigaCX tentatively began problems with the withdrawal of funds.

The E&Y auditor, acting as the trustee of the exchange, intends to discuss the tax request and obtain permission from the court to disclose information.

At the same time, the company noted that one way or another they are forced to comply with the CRA requirements, although this will take a lot of time and delay the payment of compensation to victims.

At the beginning of the year it became known that QuadrigaCX lost access to user funds by $ 190 million, and somewhat later, Indian authorities confirmed the death of the founder of the exchange, Gerald Cotten.