CoinFLEX to Launch Polkadot’s DOT Futures on July 17, 2019
CoinFLEX, a platform that offers physically-delivered Bitcoin and Tether futures, is looking to launch its first initial futures offering (IFO) on July 17, 2019. The first project, Polkadot’s DOT tokens, will be offered at $75 each during the IFO.
The sale is in a bid to meet a $1.2 billion valuation for the development of the virtual asset, according to reports on July 16, 2019.
CoinFLEX to Launch First IFO
Per sources close to the matter, CoinFLEX will be running its first IFO on July 17, 2019, for the presale of Polkadot’s DOT tokens at a “discount” price of $75 per DOT.
While speaking to the media, Mark Lamb, CoinFLEX’s CEO, revealed that this is the first futures market the exchange will create for a non-existent virtual asset. The mechanism will determine the price of the coin even before its launch.
CoinFLEX is backed by Roger Ver, the creator of Bitcoin Cash. The exchange launched in April 2019 with four contracts including bitcoin (BTC) and ether (ETH), with plans to expand to Binance coin (BNB) and TRON (TRX) this summer.
As reported by BTCManager earlier in March 2019, CoinFLEX launched its native asset called FLEX.
The cryptoasset is used to pay transaction fees on the platform and also grants holders access exclusive opportunities on the futures exchange.
Reportedly, 300 FLEX holders will be allowed to purchase DOT contracts, and each user is expected to lock-in at least a thousand FLEX tokens to be a part of the IFO.
A trader who made comments said the high price of the contract is in a bid to meet a $1.2 billion valuation set by Gavin Wood, Polkadot creator and Ethereum co-founder. As such, the contract’s price may exceed $100 for each DOT later on if all goes as planned.
Notably, CoinFLEX’s CEO, Mark Lamb, has made it clear that the team is uncertain about the expiration date of the IFO contracts because a date has not been fixed for the launch of its mainnet. However, the contracts will expire four weeks after the successful launch of the tokens.
Lamb has also hinted that some large, unnamed Asian investors have offered millions of dollars worth of DOT tokens to aid in the market making of the altcoin.
On January 8, 2019, BTCManager informed of CoinFLEX’s launch of the first physically-delivered Bitcoin futures even before competitors like ErisX and Intercontinental Exchange (ICE).