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CoinFLEX To Roll Out $47 Million Recovery Token To Deal With Withdrawal Problems

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  • CoinFLEX is going forward with a plan to launch a Recovery Value USD (rvUSD) Token. 
  • The issuance of the tokens will initiate tomorrow and will certainly run till July 1. 
  • This comes after the instance of halting withdrawals due to the downtrends in the overall crypto market. 

CoinFLEX, the physical futures crypto exchange, is planning to roll out a Recovery Value USD (rvUSD) Token following the instance of halting withdrawals stemming from a remaining debt that a large net worth customer owes to the exchange. 

CoinFLEX recently wrote in a whitepaper that the issuance of $47 Million in tokens comes following the account of some individuals going into negative equity amidst the market volatility of late. And that the issuance will initiate tomorrow and would apparently run till 

July 1. 

The company highlighted that in normal situations, they would auto liquidate a position that functions low on equity at prices that are before the zero equity price. 

The physical futures crypto exchange elaborated the customer as a high integrity person with liquidity problems tied to the crash that crypto has witnessed lately and non-crypto markets with considerable shareholdings in various private companies and a big portfolio. 

It further highlighted that the issuance comprises a 20% annual percentage rate (APR) accrued and paid in rvUSD on a daily basis. 

According to Mark Lamb, the CEO of CoinFLEX, who opined through a blog post that they have been discussing with large buyers and believe there is considerable interest in the terms presented. 

The exchange is expecting to resume the withdrawals on June 30. However, it is still subjected to receiving funds according to the rvUSD issuance. 

The CEO signified on Bloomberg TV that they plan to enhance transparency for future positions, margin, and notional value of accounts and will utilize an external auditing entity to do this. 

The recent bearish moves in the cryptocurrency industry have affected a lot of crypto-related entities, and it seems like CoinFLEX was also among them. It is to look forward to how the market conditions will be in the future. 

Nancy J. Allen

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