CoinFLEX plans new token to raise funds days after halting withdrawals By AdamMorganMc
The announcement comes four days after the exchange halted withdrawals.plans on Monday to issue a new yield bearing token, just four days after halting withdrawals.on June 23 that it was pausing all withdrawals due to “extreme market conditions and continued uncertainty involving a counterparty.” The business clarified that the counterparty was not the under-fire crypto hedge fund Three Arrows Capital.
In order to restart withdrawals on its platform, CoinFLEX plans to raise funds by issuing a new token that promises a 20% annual return. The token will be named Recovery Value USD . The firm will begin issuing $47 million worth of tokens on Tuesday and, depending on sales, hopes to restart withdrawals from June 30. The token will only be available to “non-US resident sophisticated investors,”High yield tokens have come under persistent scrutiny over the past few months following the collapse of Terra’s blockchain ecosystem, home to the Anchor protocol that offered investors upwards of 20% yield annually before collapsing.its focus to build a repo market for crypto.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Adam has been based in London for the past year, initially freelancing and working for a start-up there before beginning a fellowship at Business Insider. He covers general crypto news and markets.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CoinFLEX to Launch a $47M Recovery Token to Solve Withdrawal IssuesCoinFLEX said last week it was halting withdrawals amid market declines and counterparty uncertainty.
Read more »
CoinFLEX recovery plan includes tokenized bad debt and more yieldsAnother centralized crypto lending firm could be in dire straits. CoinFLEX halted withdrawals a few days ago and has now revealed that it will sell rvUSD tokens to recover $47 million in funds lost from a single whale’s bad debt.
Read more »
Court sets emergency hearing for Planned Parenthood lawsuit against Utah abortion lawA Utah judge will consider Monday afternoon whether Utah's abortion law, SB174, should remain in effect while a lawsuit claiming it violates the Utah Constitution is considered in the courts.
Read more »
Binance Will Support the RAMP (RAMP) Token Swap, Redenomination & Rebranding Plan to LeverFi (LEVER) | Binance SupportFellow Binancians, Binance will support the RAMP (RAMP) token swap, redenomination and rebranding plan to LeverFi (LEVER). Timeline: At 2022-06-29 04:00 (UTC), Binance will suspend RAMP/USDT, RAMP/...
Read more »
Zelenskyy tells G-7 summit Ukraine forces face urgent momentGroup of 7 leaders were finalizing plans to pursue a price cap on Russian oil, raise tariffs on Russian goods and impose other new sanctions.
Read more »
G7 Leaders Wrap Up Meeting With Plans to Increase Sanctions on Russia, Form 'Climate Club'The G7 leaders announced plans to pursue a price cap on Russian oil, raise tariffs on Russian goods and impose other new sanctions.
Read more »