Coinflex plans to procure missing means with new tokens

Coinflex plans to procure missing means with new tokens

Four days after the suspension of the payments after an unattended Margin Call of an unnamed counterparty, the Cryptocurrency Exchange Coinflex will spend a new token in the hope of collecting $ 47 million.

"We are transforming a problem into an opportunity," said Mark Lamb, CEO of Coinflex, during an interview with Bloomberg on Monday.

The token will have a return of 20 %, and if the full amount of $ 47 million is applied, all coinflex users can fully withdraw their money, said Lamb.

"Other options will also be made available - we will do everything to ensure that the funds of the users are complete and will be made possible," wrote Lamb in the Börse Telegram chat after that Interview.

When asked whether there are concerns about a run risk, Lamb said that these were unfounded.

"We are not worried about this scenario, because after the end of this fundraiser everyone can withdraw," said Lamb. "We want everything to always be coordinated."

Coinflex announced on June 23 that the stock exchange will all withdraw and retail the trade with its in-house Flex token.

"Due to the extreme market conditions in the past week and the ongoing uncertainty in relation to a counterparty, we now announced that we are pausing all the withdrawals," said the stock exchange wrote back then. "We assume that we will resume the payments in a better position as soon as possible."

The stock exchange will also commit to making levered positions more transparent in the future, said Lamb.

"We will make these positions public, we have an auditing company with which we will work," said Lamb. "These are urgently needed data, there is not a single appointment exchange in the world that makes these positions public."

However, there was a balance between transparency and privacy, Lamb noted. At that time, the stock exchange will not reveal the identity of the unnamed counterparty with the unattended Margin Call.

When asked whether Coinflex could choose the sale, if the token edition does not have the required $ 47 million, Lamb replied that this was "possible", but "we believe that the business is worth keeping it".

"There is also great interest in the token, so it's definitely the best option," he added.

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The contribution Coinflex plans to obtain missing means with new tokens is not a financial advice.