CoinFlex, a Hong Kong-based cryptocurrency exchange has received $10 million last week through a funding round.
South China Morning Post reported the news on Aug 26th. The report mentions that CoinFlex received funding from Bitcoin.com CEO Roger Ver along with Polychain Capital, NGC Ventures and Divergence Digital.
CoinFlex is now looking to increase business from Asian investors.
Safety net from price manipulation
CoinFlex is “the world’s first exchange to offer a physical delivery for Bitcoin (BTC) futures contracts. Physical delivery of contracts ensures that “neither spot nor futures prices have been manipulated”.
“Professional and retail traders alike are affected by price manipulation in the cash settled futures market. In physical delivered contracts, anyone long at expiry receives the underlying bitcoin. There are no formulas involved.” Coinflex CEO Mark Lamb
Price manipulation has been on the rise lately where “traders have been changing spot prices to exploit the fact that the trading volume of the crypto futures market is 1.5 larger than the crypto spot trading market”.
A previous report by CoinTelegraph highlights that Peter Brandt a crypto trader accused Ripple of issuing XRP, in manipulating the XRP price.
The chart pattern for many, many months has shown the distribution of XRP by Ripple – it has manipulated the price to hold support. But if support gives way Ripple will be forced to dump in a major way.” Peter Brandt