flexUSD Marks CoinFLEX’s Entrance into the Borrowing, Lending and Stablecoin Space
CoinFLEX Repo Market Traded $445M Since June Launch
HONG KONG – November 17, 2020 – CoinFLEX, the world’s first physically delivered cryptocurrency futures exchange, today announced the launch of flexUSD, an interest bearing stablecoin that will lend in CoinFLEX’s repo market and pay interest on the blockchain every eight hours. Additionally, CoinFLEX announced that its repo market has traded $445M since its launch in July 2020. Customers can create flexUSD on coinflex.com/flexassets.
With this entrance into the borrowing, lending and stablecoin space, CoinFLEX seeks to bridge the gap between the $22 billion dollars of stablecoins currently in the market that pay 0% interest and borrow lend desks, derivatives and DeFi projects that tend to have yields higher than 10% annualized.
Mark Lamb, Chief Executive Officer of CoinFLEX said: “Our goal is to bridge the gap between the $20 Billion dollars of stablecoins paying 0% interest and the crypto borrowing and lending market with double digit interest rates for collateralised borrowing. flexUSD will be integrated across many DeFi platforms and the end result is that CoinFLEX’s customers will now have the same opportunities as large institutions to participate in a wide range of interest rate and credit investment opportunities in crypto markets.”
CoinFLEX will also launch interest rate futures that allow repo borrowers to lock in fixed rate 1 month – 12 month loans via a one-click borrowing tool. These rates will trade directly on a central limit order book, making them publicly accessible and tradable by any customer. CoinFLEX seeks to enter into the unsecured borrowing market through the listing of company specific tokens to provide a transparent way for borrowers and lenders to directly transact with each other via an orderbook.
Prospective traders and investors can access CoinFLEX by registering online at https://coinflex.com/. More information regarding flexUSD can be found online at coinflex.com/flexusd.
Founded in 2019, by Mark Lamb and Sudhu Arumugam, CoinFLEX (Coin Futures and Lending Exchange) is the world’s first physically delivered cryptocurrency futures exchange, developed to provide avenues for investors to trade and hedge cryptocurrency exposure with minimal index or price settlement risk.