The beleaguered exchange plans to raise $47 million from large investors to solve its withdrawal issues.
Last week, cryptocurrency derivatives exchange CoinFLEX joined a growing list of digital asset platforms to halt withdrawals due to market uncertainty and issues with its counterparty. The company has now unveiled a recovery plan that involves the creation of a new token.the solution on Monday, CoinFLEX said it plans to raise $47 million through the issuance of a new token dubbed Recovery Value USD .
The whitepaper further revealed that the issuance is only available to sophisticated investors outside the United States, and the minimum subscription amount is 100,000 USDC. It will start today, June 28, and run until Friday, July 1. The firm said investors would receive a 20% annual rate on the new token accrued and paid daily via rvUSD.
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