CoinFlex has announced plans to raise funds by issuing a new token that will offer a 20% annual return, according to a report from Bloomberg.
The cryptocurrency exchange platform plans to issue $47 million of “recovery Value USD" tokens on Tuesday as a solution to re-enabling withdrawals. It said that the resumption of withdrawals is targeted for June 30 and will depend on the demand for the new tokens.
According to Bloomberg News, Mark Lamb, chief executive officer of CoinFlex, said “we've spoken to a significant amount of private investors such that we think that at least half of the issuance is going to be subscribed for.”
Currently, the token sale is eligible only to non-US sophisticated investors, according to CoinFlex.
Last week, the company halted withdrawals following an unnamed counterpart’s inability to repay debt after experiencing liquidity issues. CoinFelx shared that the user was a high-net-worth individual with "substantial shareholdings in several unicorn private...
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